Refex Refrigerants Limited, a Chennai based leading refrigerants management solutions provider and BSE listed company, has announced that the Board of Directors of the company in their meeting held on 13th Dec 07 have resolved the following:

• Convening of EGM of the company on Wednesday, 9th January 2008 to seek members approval for the following.
• Preferential allotment of 2,75,000 Equity Shares of the Company to a particular group of investors at a price of Rs.200 per Equity Share (including a premium of Rs.190 per share) within the framework of SEBI (DIP) Guidelines, 2000 as amended from time to time.
• Seeking members approval for issue of Foreign Currency Convertible Bonds for an aggregate value not exceeding Rs.200 crores subject to all statutory and regulatory approvals as may be required.
• Increase in borrowing powers of the company from the present limit of Rs.100 crores to Rs. 500 crores.

Refex Refrigerants has clocked a turnover of Rs.51.29 crores for the financial year (2006-07) with a net profit of Rs.3.91 crores. And for half year ended 30.09.2007 the turnover was 40.02 crores with a net profit of 6.02 crores.

Refex Refrigerants is setting up an additional refilling plant at Thiruporur in Kanchipuram district of Tamil Nadu at a cost of Rs.36 crore. The construction work of the new plant is almost nearing completion. With this the company expects to increase its refilling capacity from the current 480 MT to 3000 MT per annum. The plant is expected to be operational in the very near future.

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About Refex Refrigerants Ltd

Refex Refrigerants Ltd is in the business of refilling and marketing world-class refrigerant products in India. It has a state-of-the-art refilling and storage facility at Thiruporur, Kanchipuram District (Tamil Nadu) from where the products are refilled and distributed to major OEM’s and Trade sectors. It is a fully automated plant with major machinery imported from world over. Refex is an ISO 9001:2000 Certified company.