Disclosure under Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Monitoring Agency Reports for the quarter ended June 30, 2025
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Refex Industries Limited filed Monitoring Agency Reports (by CARE Ratings) for the quarter ended June 30, 2025, covering two preferential issues of equity shares and warrants. The first issue of Rs. 220 crore (to promoter, March 2024) saw full deployment of Rs. 148.68 crore received so far – Rs. 85.37 crore for working capital, Rs. 32.41 crore for subsidiary investments, and Rs. 30.90 crore for general corporate purposes, with no deviations or delays. The second issue of Rs. 905.44 crore (to promoter and non-promoters, October 2024) was undersubscribed at 94% for the equity portion, with Rs. 513.38 crore received so far. Of this, Rs. 499.88 crore has been deployed, including Rs. 266.08 crore for working capital, Rs. 104.48 crore for subsidiary investments, Rs. 36.63 crore for loan repayment, Rs. 89.21 crore for general corporate purposes, and Rs. 3.48 crore for capital expenditure. Loan repayment was completed with a 50-day delay, and the Monitoring Agency flagged that some proceeds meant for subsidiary use were temporarily parked in fixed deposits.
No material deviations from stated objects, and fund utilization is broadly on track across both issues. Shareholders should note the second issue's equity undersubscription, the minor 50-day delay in loan repayment, and Rs. 13.50 crore still pending deployment, but these are routine and not concerning.