Multibagger NBFC Stock Hit Life-Time High As Board Raises Rs 140.25 Cr Via Warrants

The shares of NBFC stock Mufin Green Finance opened today on the BSE at Rs 77.25 apiece and marked a lifetime high of Rs 82.73 during the afternoon deals. The surge in stock price was witnessed after the Board of Directors raised Rs 140.25 Cr Via warrants.

The Board of Directors of the company, at its Meeting held today, i.e., on Thursday, September 28, 2023 considered and "Approved to issue upto 2,55,00,000 (Two Crore Fifty Five Lakh) warrants each convertible into, or exchangeable for, one equity share within the period of 18 (eighteen months) in accordance with the applicable law ("Warrants") at a price of Rs. 55/- (Fifty Five Only) each (including the warrant subscription price and the warrant exercise price) aggregating upto Rs. 1,40,25,00,000/- (One Hundred Forty Crore Twenty Five Lakh Only) to Mr. Kapil Garg, Promoter and Managing Director of the Company and Mrs. Shelly Garg, Mr. Saurabh Garg, Mrs. Pooja Garg, Bima Pay Technology Private Limited ("Promoter Group") and to certain other non-promoter group persons (as listed in Annexure I herein) by way of preferential issue," as per a stock exchange filing of Mufin Green Finance.

The Board decided to keep Sunday, 15th October, 2023 as the cut-off date for determining the eligibility of the members.

The company's standalone PAT was Rs. 3.45 crore in the first quarter of FY24, up 200.87% from Rs. 1.15 crore in the corresponding quarter of FY23. Its net sales reached Rs 17.52 crore in the June 2023 quarter, up 304.74% from Rs. 4.33 crore in the June 2022 quarter. Earnings per share (EPS) for Mufin Green plummeted from Rs. 0.53 in June 2022 to Rs. 0.23 in June 2023.

The price of the stock jumped from Rs 3.16 to the current market price during the past five years, resulting in a multibagger return of 2,051.55%. The stock price climbed from Rs 2.83 to the current market price during the past three years, resulting in a multibagger return of 2,651.98%. The stock price soared from Rs 25.39 to the current market price during the course of the past year, representing a multibagger return of 232%. The scrip has so far in 2023 produced a multibagger return on a YTD basis of 101.80%.