Chennai-based Refex to raise Rs 927 crore through preferential issue
Source: Business Standard
 "Overseas fundraising by Indian firms is experiencing a robust revival in 2024, following a lacklustre 2023. This resurgence is primarily driven by strong demand for high-yield bonds from international investors amid improving liquidity conditions an")
Illustration: Binay Sinha
This significant fund-raising initiative underscores Refex’s commitment to sustainability and innovation across its business verticals, the company said. The total issue size of Rs 927.81 crore includes Rs 530 crore from high-net-worth individuals (HNIs) and family offices.
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The promoter group proposes to contribute Rs 372 crore, and Dinesh Kumar Agarwal, group chief executive officer, is personally investing around Rs 26 crore, reflecting strong leadership commitment, the company added.
This funding comes at an opportune time as Refex continues to innovate in logistics for ash management, addressing environmental challenges associated with thermal power plant operations. Refex has also made significant strides in the passenger mobility sector through its subsidiary engaged in EV services.
“Our focus on sustainability drives our efforts in both ash handling logistics and EV mobility,” stated Anil Jain, managing director of Refex.
“This funding empowers us to build innovative solutions with a strong emphasis on environmental, social, and governance (ESG) principles. The support from our investors and leadership team showcases their confidence in our mission to create a cleaner, greener future,” he added.
First Published: Oct 03 2024 | 5:15 PM IST
