NBFC Stock Hit 52W-High On Share Purchase Deal With Promoter Group of LKP Finance

The BSE saw a five per cent rise in Mufin Green Finance Ltd.'s shares on Friday, as they closed at a new 52-week high of Rs 242.25 per share. The company's most recent update, which revealed the share purchase agreement it had entered into with the promoters and promoter group of LKP Finance Limited, was what sparked the surge. At a price of Rs. 250 per share, Mufin Green Finance proposes to purchase 56,96,312 equity shares or 45.32% of stake in LKP Finance.

"The Board have approved execution of share purchase agreement entered with Promoters and Promoter Group of LKP Finance Limited ("Target Company") namely Mr. Mahendra V. Doshi, Mr. Mahendra V. Doshi (On behalf of L.K. Pandey, Partnership Firm), Mr. Pratik M. Doshi, Ms. Ira Pratik Doshi (through her natural guardian Mr. Pratik M. Doshi), Ms. Samaya P. Doshi (through her natural guardian Mr. Pratik M. Doshi), Ms. Shital A. Sonpal, M/s. Bhavana Holdings Private Limited and M/s. Sea Glimpse Investments Private Limited for acquisition of 56,96,312 Equity Shares representing 45.32% of the total paid up share capital along with complete management and control of target company subject to compliance with applicable provisions of SEBI (SAST) Regulations, 2011 and subsequent amendments thereto and subject to approval from Reserve Bank of India in terms of RBI ." said Mufin Green Finance in a stock exchange filing.

"The Board has also appointed Merchant Banker to proceed with Open Offer in view of acquisition of 56,96,312 Equity Shares representing 45.32% of the total paid up share capital along with complete management control of LKP Finance Limited in compliance with applicable provisions of SEBI (SAST) Regulations, 2011," Mufin Green Finance further stated in a regulatory filing.

The Board has also given its approval to the establishment of new companies with names that the Ministry of Corporate Affairs' Registrar of Companies may accept.