Refex Industries Limited — Capital/Financing Update 2024

Nov 13, 2024

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November 13, 2024

The BSE Ltd. The National Stock Exchange of India Ltd. 1[st] Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5[th] Floor, C – 1, Block G Phiroze Jeejeebhoy Towers, Dalal Street, Fort Bandra – Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Security Code: 532884 Symbol: REFEX

Ref: Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") read with SEBI Master Circular bearing reference nos. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, (“SEBI Master Circular”).

Subject: Statement of Deviation or Variation on utilization of funds raised through Preferential Issue, for the Quarter ended September 30, 2024.

Dear Sir/ Ma’am,

Pursuant to Regulation 32(1) of the SEBI Listing Regulations, the statement of deviation or variations on utilization of funds raised through Preferential Issue for the quarter ended September 30, 2024, as per the format prescribed in SEBI Circular No. SEBI/HO/CFD/PoD2/CTR/P/2023/120 dated July 11, 2023 is enclosed as 'Annexure-A '.

The same has been reviewed by the Audit Committee at its meeting held on November 13, 2024.

We would like to inform that there is no deviation or variation in the utilization of funds raised through Preferential Issue of Shares/ Warrants from the Objects as stated in the Explanatory Statement to the Notice of Extra Ordinary General Meeting dated March 02, 2024.

The above information is also available on the website of the Company at www.refex.co.in.

Kindly take the same on records.

Thanking you.

Yours faithfully, For & on behalf of Refex Industries Limited

Digitally signed ANKIT by ANKIT PODDAR PODDAR Date: 2024.11.13 18:01:09 +05'30'

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Ankit Poddar Company Secretary & Compliance Officer ACS-25443

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Annexure-A

	Name of listed entity	REFEX INDUSTRIES LIMITED
	Mode of Fund Raising ~~Public Issues / Rights Issues /~~Preferential Issues / ~~QIP / Others~~	Preferential Issue of 50,00,000 equity shares of face value of ₹2/- each and 1,25,75,000 warrants of face value of ₹2/- each. Both equity shares and warrants were issued at ₹125/- each, i.e., at a premiumor ₹123/-each.
	Date of Raising Funds	For Equity Shares - March 28, 2024; and ForWarrants- April 11,2024(25%) & July22,2024(29.82%)
	Amount Raised	₹62,50,00,000/- through issue and allotment of Equity Shares; and ₹157,18,75,000/- through issue and allotment of Warrants (Out of which ₹39,29,68,750/- i.e., 25% of the total warrants amount were received upfront on April 11, 2024; ₹46,87,50,000/- i.e. ~29.82% of the total warrants amount on July 22, 2024 for the conversion of 50,00,000 warrants and balance will be received at the time of conversion of remaining warrants i.e. 75,75,000 within a period of 18 months from date of allotment.)
	Report filed for Quarter ended	September 30, 2024
	Monitoring Agency (applicable / not applicable)	Applicable
	Monitoring Agency Name, if applicable	CARE Ratings Limited, a SEBI registered Credit Rating Agency
	Is there a Deviation / Variation in use of funds raised	No
	If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders	Not Applicable
	If Yes, Date of shareholder Approval	Not Applicable
	Explanation for the Deviation / Variation	Not Applicable
	Comments of the Audit Committee after review	The Audit Committee has noted there was no deviation/ variation in the utilization of funds raised through Preferential Issue ofShares/ Warrants
	Comments of the auditors, if any	Nil

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Objects for which funds have been raised and where there has been a deviation, in the following table:

Original Object	Modified Object, if any	Original Allocation*	Modified allocation, if any	Funds Utilised*	Amount of Deviation/Variation for the quarter according to applicable object	Remarks if any
1. Working Capital– For ensuring the Company is left with sufficient balance to overcome its working capital needs for which it is currently depending on the credit limit sanctioned by financial institutions;	Nil	₹96 Crore	Nil	₹85.37 Crore	Nil	-
2. Capital Expenditure– For undertaking capital expenditure in Refex Industries Limited to purchase tipper lorries, put new refilling plant at factory, purchasing other office equipment;	Nil	₹20 Crore	Nil	-	Nil	-
3. Investment in Subsidiaries– For undertaking investments in or providing loans to the subsidiaries of the Company for the purposes of purchasing vehicles, either in the form of equity/quasi-equity/ unsecuredloan;	Nil	₹50 Crore	Nil	₹32.41 Crore	Nil	-
4. General Corporate Purposes– Up to 25% of the proceeds will be utilized for general corporate purposes, which includes, inter alia, meeting ongoing general corporate exigencies and contingencies, expenses of the Company.	Nil	₹54 Crore	Nil	₹30.90 Crore	Nil	-

*The amount is rounded off to nearest crores.

Note : The Company has received 100% of the amount under preferential issue of 50,00,000 equity shares aggregating to Rs.62.50 crores. The Company has received ~54.82% of the total issue of warrants amounting to Rs.86.18 crore (~54.82% of Rs.157.19 crore). The Company received Rs.39.30 crores (25% of Rs.157.19 crores) on April 11, 2024 and Rs.46.88 crores (~29.82% of Rs.157.19 crores) on July 22, 2024 totaling to ~54.82% of the total issue size of Rs.157.19 crores. The remaining will be received at the time of the exercise of the option to apply for fully paid-up Equity shares within 18 months.

For & on behalf of Refex Industries Limited

Digitally signed ANKIT by ANKIT PODDAR PODDAR Date: 2024.11.13 18:01:37 +05'30'

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Ankit Poddar

Company Secretary & Compliance Officer ACS-25443

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