Bengaluru, March 16 -- On 16 January, Refex Industries Ltd, a manufacturer of refrigerant gases, informed the stock exchanges that its wholly-owned subsidiary, Refex Green Mobility, had agreed to buy 2,997 electric cars from Gensol Engineering Ltd. Refex Green Mobility would take over Gensol's existing loan of Rs.315 crore as part of this transaction.

Gensol Engineering Ltd also informed the same to the exchanges. Shares of Refex ended 1.6% higher the next day, while shares of Gensol remained unchanged.

This transaction came under the spotlight after Gensol, a solar engineering, procurement and electric vehicle (EV) financing company, saw two rating agencies downgrade its borrowing to default earlier this month. Rating agency Icra even ...