NBFC Stock Mufin Green Finance Surged 5% On Allotment of Convertible Warrants

During the trading session the company informed the exchange that Mufin Green Finance Ltd issued 9,30,000 (Nine Lakh Thirty Thousand) equity shares with a face value of Rs 1 each through a preferential allotment.

This issuance was done to convert previously issued warrants. The warrants had an issue price of Rs 63.30 each and upon conversion, investors needed to pay the remaining balance amount, also known as the "Warrant Exercise Price," which totalled Rs 4,41,51,750. Following this conversion, the pre-issue equity holding of the promoter group (Hindon Mercantile Limited) increased from 54.17 per cent (8,73,11,152 shares) to 54.43 per cent (8,82,41,152 shares) of the total outstanding shares.

Recently, 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.

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.

Following the announcement of preferential allotment, the shares of Mufin Green Finance Ltd were trading at a 5% upper circuit limit at Rs 144.05 apiece during the afternoon session on BSE. The company clocked a market cap of Rs 2,175.09 Cr. The scrip reached a 52-week-high of Rs 273.10 on (08/02/2024) and a 52-week-low of Rs 34.19 on (28/03/2023).