Refex Industries Ltd. said it has proposed to raise ₹928 crore by way of preferential issue of equity and convertible warrants to certain investors under promoter and non-promoter categories to accelerate sustainable growth.

The funds raised will be strategically utilised for investments in subsidiary companies, capital expenditures, working capital needs, repayment of existing loans, and general corporate purposes, the company, which operate across multiple sectors such as logistics for ash and coal handling, EV mobility, refrigerant gases, and power trading, said in a statement.

Of the total, high-net-worth individuals and family offices are expected to contribute ₹530 crore and the promoter group ₹372 crore. Group CEO Dinesh Kumar Agarwal is personally investing about ₹26 crore.

“Our focus on sustainability drives our efforts in both ash handling logistics and EV mobility,” said MD Anil Jain.

This funding is proposed 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 electric vehicle services, it said.