Refex Refrigerants approves Rs 200 cr FCCB issue

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.

UNI