NBFC Mufin Green Finance announces fundraising programme
Non-banking financial corporation (NBFC) Mufin Green Finance has informed exchanges that its board of directors has approved fundraising through non-convertible debentures (NCDs). The company, which focuses on providing EV financing solutions in India, said that it plans to raise the fund to the tune of Rs 24.8 crore.
Earlier in March, the NBFC approved the allotment of 9,30,000 (Nine Lakh Thirty Thousand) equity shares with a face value of Rs 1 each through a preferential allotment.
The warrants had an issue price of Rs 63.30 each and upon conversion, investors needed to pay the remaining balance amount i.e. Warrant Exercise Price aggregating to Rs 4,41,51,750.
Following this conversion, the pre-issue equity holding of the promoter group (Hindon Mercantile Limited) increased to 54.43 per cent (8,82,41,152 shares) from 54.17 per cent (8,73,11,152 shares).
Mufin Green Finance is a non-banking finance company. It is focused on financing in the electric vehicle ecosystem, including two-wheelers, three-wheelers, four-wheelers, fast chargers and swappable batteries. The company has a presence in 14 states in north India.
