Refex Refrigerants to enter capital market

Chennai, July 20 (UNI) Refex Refrigerants Ltd, engaged in refilling of non-ozone depleting refrigerant gases known as Hydrofluoro Carbons (HFCs), will enter the capital market on July 23.

The company would come out with a public issue of 38,00,000 equity shares of Rs 10 each at a premium of Rs 55 per share aggregating Rs 24.70 crore.

Company Chairman A Tarachand Jain and Managing Director Anil Jain told newspersons here today that the issue would close on July 26.

The company proposed to utilise the net proceeds of this issue to part finance its Rs 36.15 crore expansion plan of the installed existing capacity from 480 MT per annum to 3,000 MT, they informed.

They said while the promoters were contributing Rs 5.95 crore in the equity share capital, the company was raising Rs 5.50 crore through term loan from Centurial bank of Punjab.

They said the company had reputed corporates and MNCs like Hyundai, General Motors, Hindustan Motors, Godrej and Boyce manufacturing and Blue Star.

They had entered into a technical collaboration agreement with Kaltech Engineering and Refrigerants Singapore for availing technical backup for the company.

UNI