Illustration: Binay Sinha
This major fundraising initiative underlines Refex’s commitment to sustainability and innovation across its business sectors, 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 CEO, 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 ash management logistics, addressing the environmental challenges associated with thermal power plant operations. Refex has also made significant progress in the passenger mobility sector through its subsidiary dedicated to electric vehicle services.
“Our focus on sustainability drives our efforts in both ash handling logistics and electric vehicle mobility,” said Anil Jain, CEO of Refex.
“This funding allows us to create innovative solutions with a strong emphasis on environmental, social and governance (ESG) principles. “The support of our investors and leadership team shows their confidence in our mission to create a cleaner and greener future,” he added.
First published: October 3, 2024 | 17:15 IS
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