Refrigerant gases maker Refex to raise Rs.927-Cr through pref issue

Chennai-based Refex Industries is to raise INR 927.81 crore through a preferential issue of equity and convertible warrants to certain investors including INR 530 crore from high-net-worth individuals (HNIs) and family offices.The promoter group proposes to contribute INR 372 crore, and Dinesh Kumar Agarwal, group chief executive officer, is personally investing around INR 26 crore.Monarch Networth Capital (MNCL) acted as the sole banker and advisor for this issuance.The new funds raised will be used for investments in subsidiary companies, capital expenditures, working capital needs, repayment of existing loans, and general corporate purposes.Refex operates broadly in two verticals: refrigerant gases and coal ash handling.