Refex Renewables & Infrastructure Limited informed that the Board of Directors of the Company has, at its meeting held on February 13, 2023, considered and approved the borrowing of further amount up to INR 1,000 million (which together with existing approved borrowing of INR 700 million, aggregates to INR 1,700 million) on the recommendation of the Audit Committee and which is within the overall borrowing powers as granted by the shareholders of the Company in their 28 Annual General Meeting held on September 30, 2022, by way of unsecured loan from Sherisha Technologies Private Limited, in one or more tranches, on an arms' length basis, in order to repay the outstanding borrowings from its subsidiary companies and other body corporates and to acquire the solar projects/assets in the Company or through subsidiaries.