Mufin Green Finance To Approve Fundraising Initiative By Private Placement Basis

Kolkata-based EV finance and charging infrastructure company, Mufin Green Finance Limited, has announced a meeting of the Committee of Directors scheduled for Tuesday, July 30, 2024. The agenda includes considering and approving the raising of funds through the private placement of Unlisted, Secured, Non-Convertible Debentures.
The company said in an exchange filing that, "In terms of Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that a meeting of the Committee of Directors ("For Issue of Debentures") is scheduled to be held on Tuesday, July 30, 2024, inter-alia to consider and approve raising of funds by way of private placement of Unlisted, Secured, Non-Convertible Debentures. The above issue is within the limits approved by shareholders of the Company in the Annual General Meeting of the Company held on September 28, 2022."

Mufin Green Finance, known for delivering multibagger returns to investors in both the short and long term, reported its shares trading at Rs 114.49 on Friday. With a market cap of Rs 1860 crore, the company's shares have seen a 52-week high of Rs 274.40 and a 52-week low of Rs 102.65.

In a recent stock market announcement, the company raised Rs 22 crore through the private placement of 2200 non-convertible debentures, each valued at Rs 100000. These debentures, issued on June 28, 2024, are set to be redeemed on June 28, 2027, with a coupon rate of 14.06 per cent.

Mufin Green Finance recently informed the Indian stock market about a rating upgrade by ACUITE, a significant development that highlights the company's improved financial health and creditworthiness. The small-cap NBFC company announced, "Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that Acuite Ratings & Research Limited, in its rating rationale dated June 06, 2024, has upgraded the ratings awarded to the Company on bank facilities, NCDs, and Bonds to ACUITE BBB+ | Stable (from ACUITE BBB | Stable)."

Additionally, in March, Mufin Green Finance reported to the stock market that the Ministry of Corporate Affairs had approved the formation of its subsidiary, Mufin Green Infra Limited. The Ministry issued a certificate of incorporation for Mufin Green Infra Limited on March 2, 2024. Mufin Green Finance Limited is the promoter of this new subsidiary, which has an authorized capital of Rs 15 lakh, divided into 1.5 lakh equity shares of Rs 10 each.

Mufin Green Finance Limited has also announced that its subsidiary, Mufin Green Infra Limited, will be involved in EV charging infrastructure, power, energy generation, and charging stations. The company will additionally engage in civil work and building structures. Mufin Green Finance provides financing solutions for India's EV ecosystem, offering loans for income generation through electric vehicles, electric charging infrastructure, and swappable batteries, with over Rs 350 crore disbursed so far towards electric vehicles.