Mufin Green shares rise 4% as company incorporates new subsidiary

Shares of Mufin Green Finance Ltd rose over 4 per cent during the trading session on Monday after receiving an approval from the Ministry of Corporate Affairs to incorporate a new subsidiary on Saturday, March 2, 2024. The company informed about the same through an exchange filing on Monday.

"The company has named the new subsidiary as Mufin Green Infra Ltd, said the company in the exchange filing. The Ministry of Corporate Affairs has issued a Certificate of Incorporation for the same," it added further.

Following the announcement, shares of Mufin Green Finance surged more than 4.4 per cent to Rs 219.75 on Monday, commanding a total market capitalization close to Rs 3,200 crore. The scrip had settled at Rs 210.60 in the previous trading session.

Shares of Mufin Green Finance have surged more than 540 per cent from its 52-week lows at Rs 34.19, hit on March 28, 2023. The stock has gained over 55 per cent in the last six-months, while it is up 24 per cent in the year 2024 so far.

Mufin Green Finance is the promoter of Mufin Green Infra Limited, a subsidiaryAccordingly, Mufin Green Infra Limited is a related party with authorized share capital of Rs 15 lakh divided into 1.5 lakh equity shares of Rs 10 each.

The new company will operate in the EV Infra services and allied activities. Mufin Green Finance has 65 per cent initial subscription to the share capital in cash by Mufin Green Finance Limited it said.

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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