NBFC Stock Okays Fundraising Up To Rs 24.84 Cr Via NCDs: Do You Own?

Mufin Green Finance Ltd is a small-cap NBFC company which announced a fundraising plan via issuing of non-convertible debentures on Friday. Post the announcement the stock ended at Rs 137.50 apiece after surging 12.54% in the week. Mufin Green Finance Limited is an India-based non-banking financial company engaged in providing EV financing solutions.

The Board of Directors of the company at its meeting held on Friday, April 26, 2024, has inter-alia considered and approved "Raising of funds through issue of rated, unlisted, secured, senior, redeemable, taxable, transferable, non-convertible debentures denominated in Indian Rupees through private placement basis for amount upto INR 24,84,00,000 in accordance with the relevant provisions of applicable law and subject to approval of the applicable regulatory authorities," said Mufin Green Finance in a regulatory filing.

The Ministry of Corporate Affairs granted the company permission last month to establish a new subsidiary on Saturday, March 2, 2024. According to the company's exchange filing, Mufin Green Infra Ltd. is the new subsidiary's name. The newly formed company will engage in EV Infra services. According to Mufin Green Finance Limited, the company received a cash initial subscription of sixty-five per cent of the share capital.

In their meeting held on March 20, 2024, the Board had considered and approved the conversion of 9.30 lakh convertible warrants into 9.30 lakh equity shares of face value of Rs. 1/- each, on a preferential basis, upon receipt of an amount aggregating to Rs. 4,41,51,750/- at the rate of Rs. 47.47 per warrant from the allottees.

The NBFC stock marked a 52-week-high of Rs 273.10 on (08/02/2024) and a 52-week-low of Rs 35.00 on (09/08/2023) indicating a 49.65% fall from 52W High. However, according to Trendlyne statistics, the stock price climbed 237.67% and outpaced its sector by 169.17% in the last 1 year.