EV Finance Company Mufin Green Finance Raised Rs 22 Cr Via NCDs

Kolkata-based EV finance and charging infrastructure company Mufin Green Finance Limited has informed the stock market that the company has raised Rs 22 crore through private placement of 2200 non-convertible debentures of face value of Rs 100000. On June 28, 2024, the company issued 2200 non-convertible debentures which can be redeemed on June 28, 2027. The company has issued 2200 non-convertible debentures to raise Rs 22 crore at a coupon rate of 14.06 per cent.

Mufin Green Finance is a company that gives multibagger returns to stock market investors in the short and long term. Mufin Green shares were trading at Rs 119.80 on Friday. Mufin Green Finance is an electric vehicle finance company with a market cap of Rs 2020 crore, whose shares have a 52-week high of Rs 274.40 and a 52-week low of Rs 102.65. Mufin Green Finance shares have made investors rich by giving multibagger returns in the short and long term.

Mufin Green Finance's stock has given investors a return of 22 per cent in the last few days, while in a period of 1 year, it has given investors a bumper return of 200 per cent. Mufin Green Finance Limited's stock is witnessing a good rise due to the EV sector being in focus after Prime Minister Narendra Modi's government was formed for the third time at the Center.

Recently, the financial company informed the Indian stock market's bourses about the rating upgrade by ACUITE. This upgrade is a significant development for Mufin Green Finance, as it reflects the company's improved financial health and creditworthiness. The small-cap NBFC company informed about the rating upgrade saying, "Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we at this moment intimate that Acuite Ratings & Research Limited, vide its rating rationale dated June 06 2024 has upgraded the ratings awarded to the Company on bank facilities, NCDs and Bonds at ACUITE BBB+ | Stable (From ACUITE BBB | Stable)."

In March this year, Mufin Green Finance informed the stock market that the Ministry of Corporate Affairs has approved the formation of one of its subsidiary companies Mufin Green Infra Limited. The Ministry of Corporate Affairs has also issued a certificate for the incorporation of Mufin Green Infra Limited on 2 March 2024. The promoter company of the company named Mufin Green Infra Limited is Mufin Green Finance Limited. The authorized capital of the company is Rs 15 lakh which is divided into 1.5 lakh equity shares of Rs 10.

Mufin Green Finance Limited has said that Mufin Green Infra Limited is going to work in EV charging infrastructure, power, energy generation, charging stations etc. The company is also going to work in civil work, building, structure etc.

Mufin Green Finance provides financing solutions for 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 Rs 350 crore so far towards electric vehicles.