Mufin Green shares rise 4% as company board agrees to issue warrants

Shares of Mufin Green Finance Ltd surged about 3.5 per cent during the trading session on Thursday as the company board announced to issue convertible warrants to select investors. The company informed about the same through an exchange filing after-market hours on Wednesday.

"We wish to inform you that, the committee of directors for preferential issue of the Mufin Green Finance in their meeting held on December 27, 2023 approved the allotment of 2,55,00,000 warrants convertible into equity shares of the company, in one or more tranches, having face value of Re 1 each, at a price of Rs 55 apiece," said the company in an exchange filing.

The company has received funds aggregating to Rs 140.25 crore via the process. The company had received in-principle approvals received from the BSE and National Stock Exchange of India on November 13, 2023 and December 14, 2023, respectively, said the exchange filing. The warrants have been issued to promoters and non-promoters category investors.

Following the announcement, shares of Mufin Green Finance gained more than 3.50 per cent to Rs 179.10 on Thursday, commanding a total market capitalization close to Rs 2,700 crore. The scrip had settled at Rs 172.95 in the previous trading session on Wednesday.

Shares of Mufin Green Finance have delivered a return of about 425 per cent from its 52-week lows at Rs 34.19. The stock has gained more than 60 per cent in the last one month, while it is up 135 per cent in the last three-months period. It has surged about 300 per cent in the last one year period.

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.

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