Refex Refrigerants approves Rs 200 cr FCCB issue

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Chennai, Nov 15 (UNI) The city-based Refex Refrigerants Limited, a leading refrigerants management solutions provider, has announced that the Board of Directors of the company has approved a proposal to raise up to Rs 200 crore through placement of Foreign Currency Convertible Bonds (FCCB).

Funds generated from this offering would be utilised for the long-term and short-term fund requirement of the company as well as related working capital requirement for further expansion programmes, a company release here said today.

The decisions arrived at in the Board meeting included issue of FCCB/Depository Receipts/Securities with underlying conversion option into equity shares for a value of up to Rs 200 crore, making a preferential allotment of 2,50,000 equity shares of Rs ten each to certain investors on a preferential basis at a price of Rs 200 per equity share (including a premium of Rs 190 per equity share) and increase the borrowing powers of the company from the present limit of Rs 100 crore to Rs 500 crore, the release said.


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