Board Of Mufin Green Finance Approves Raising Funds of Rs 30 Cr; Check Details Here

On Tuesday, the Committee of the Board of Directors of the Company approved the raising of Rs 30 crore via the issue of rated, unlisted, secured, senior, redeemable, taxable, transferable, and non-convertible debentures.

The company said in an exchange filing that, "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 30,00,00,000 in accordance with the relevant provisions of applicable law and subject to approval of the applicable regulatory authorities".

Today, shares of Mufin Green Ltd declined 0.3%, trading at Rs 111.84 per share from its previous close of Rs 112.23. The stock hit a 52-week high of Rs 274.40, with a 52-week low of Rs 102.65.

Mufin Green Finance has a market cap of Rs 1,820 crore, according to the BSE website. The shareholding pattern shows that promoters hold the majority stake at 54.51%, followed by non-institutional investors at 31.89%, other DIIs at 13.10%, and FIIs at 0.49%.

For Q4FY24, the company reported a standalone net profit growth of 52%, reaching Rs 4.05 crore in the fourth quarter of the financial year 2024. This increase in profit was driven by higher income. In the same quarter of the previous financial year, the NBFC's net profit was Rs 2.66 crore. The company's net sales in March 2024 were Rs 32.21 crore, a 136.91% increase from Rs 13.60 crore in the same quarter of the last financial year.

Earlier in March, the NBFC approved the allotment of 930,000 equity shares with a face value of Rs 1 each through a preferential allotment. The warrants were issued at a price of Rs 63.30 each, and upon conversion, investors were required to pay the remaining balance, amounting to a total Warrant Exercise Price of Rs 4,41,51,750.

Additionally, Mufin Green Finance Limited has disclosed that Mufin Green Infra Limited, a subsidiary, will be engaged in the production of power, energy, and charging stations for electric vehicles. The subsidiary will also concentrate on erecting structures and performing civil work. In order to support the electric vehicle (EV) ecosystem in India, Mufin Green Finance offers loans for the acquisition of electric vehicles, infrastructure for electric charging, and swappable batteries. More than Rs 350 crore has been allocated for the acquisition of electric vehicles thus far.

Mufin Green Finance operates as a non-banking finance company. Financing for all parts of the electric vehicle ecosystem-two-, three-, and four-wheelers, rapid chargers, and swappable batteries-is the main focus. In north India, the firm operates in 14 states.