EV Financing NBFC Mufin Green Announces Fundraising Plan Via Foreign Currency Denominated Bonds

Non-banking finance company (NBFC) Mufin Green Finance on Tuesday announced a plan to raise funds through the issue of foreign currency-denominated bonds totalling USD 5 million from BlueOrchard.

As per an exchange filing the company said that the board has approved a proposal to raise funds through the issue of foreign currency denominated bonds. The bonds will be issued under the framework External Commercial Borrowings (ECB) through a private placement basis for amounts up to USD 5 million.

The fundraising is subject to the approval of the applicable regulatory authorities, it added. The capital, if raised, will be utlised by the company to scale up business operations.

Recently, the company has informed exchanges that the Ministry of Corporate Affairs has approved the formation of one of its associate companies, Mufin Green Infra Limited. The Ministry of Corporate Affairs has also issued a certificate for the incorporation of Mufin Green Infra Limited on March 2, 2024. The promoter company of the company named Mufin Green Infra Limited is Mufin Green Finance Limited. The authorized capital of the company is Rs 15 lakh which is divided into 1.5 lakh equity shares of Rs 10 each.

Mufin Green Finance is a pioneer in climate financing solutions in India. It is contributing to the EV ecosystem of the country by providing loans for income generation through Electric Vehicles, Electric Charging Infrastructure, and Swappable Batteries. It has disbursed more than INR 300 crores to date towards electric vehicles. This has not only impacted the carbon footprint, but has also resulted in financial inclusivity, more income generation, and women empowerment.