Ash handling company Refex plans preferential issue worth Rs 928 crore

Refex Industries has a market capitalisation of Rs 6,500 crore. On a one month basis, shares of Refex Industries are higher by 65% and on YTD basis, the stock of Refex is up by 330%.

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26 Aug, 2025 12:21

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Refex Industries has proposed to raise funds worth Rs 927.81 crore through preferential issue of equity and convertible warrants, including from HNIs and Family Offices, the company informed stock exchanges on October 3.

The company is in diversified sectors such as ash and coal handling, along with electric vehicles. Ash and coal handling business comprised of the majority of its business, and it is the largest organized player in ash handling and disposal.

Refex Industries has a market capitalisation of Rs 6,500 crore. On a one month basis, shares of Refex Industries are higher by 65% and on YTD basis, the stock of Refex is up by 330%.

The funds raised will be utilized to invest in subsidiary companies, capital expenditures, working capital requirement and repayment of existing loans, the company said. "This funding empowers us to build innovative solutions with a strong emphasis on environmental, social, and governance (ESG) principle," Anil Jain, Managing Director of Refex said.

Out of the total issue size, Rs 530 crore are being targetted from high-net-worth individuals and family offices, while promoter group is proposing to contribute Rs 372 crore, the company said, adding that Dinesh Kumar Agarwal, the Group CEO is personally investing around Rs 26 crore.

Refex Industries has said in the past that its strategic focus remains expanding market presence and diversifying revenue streams.

The increasing demand for power is linked to greater requirement for coal at thermal plants, thus, Refex anticipates 'robust opportunities' as the surge in power demand correlates with higher requirement for ash handling.

For its refrigerant business, Refex said it has plans to increase refrigerant refilling facilities across India.