Chennai-based Refex Industries has announced a preferential issue of shares worth ₹9.28 billion (~$110.4 million).

The preferential issue comprises equity shares of up to 8.65 million of equity shares worth ₹4.05 billion (~$48.2 million) to be issued to non-promoter category investors and warrants of up to 11.17 million of warrants worth ₹5.23 billion (~$62.2 million) to be issued to both promoter and non-promoter categories.

Refex Renewables & Infrastructure, part of the Refex Industries group, offers rooftop solar solutions for the commercial and industrial sector.

The preferential issue by Refex Industries is structured into several categories. The promoter and promoter group will receive warrants amounting to ₹3.72 billion (~$44.2 million). Directors and key managerial personnel will be issued warrants totaling ₹257.4 million (~$3.06 million).

The warrants are convertible into an equal number of equity shares within 18 months from the date of allotment. If not exercised within this period, the warrants will lapse, and the company will forfeit the amount paid.

The Refex board of directors will offer the equity shares and warrants at ₹468 (~$5.57) each.

CARE Ratings has been appointed to monitor the use of proceeds from the preferential issue.

This preferential issue represents a significant capital infusion for Refex Industries, strengthening its financial position and supporting future growth initiatives.

Refex Renewables was one of the winners in the Best Standalone Storage Project category at the Mercom’s 2024 Renewable Industry Awards. The company was recognized for its 1 MW solar with 2 MWh battery energy storage system in Siachen’s challenging weather and terrain. The project was constructed under severe working conditions, with temperatures ranging from 10 degrees Celsius to -40 degrees Celsius and at an altitude of 11,713 feet.

Back in 2020, Refex was among the winners of a 97.5 MW rooftop solar tender issued by the Solar Energy Corporation of India.