Mufin Green's stock hits upper circuit; co issues shares on preferential basis

Shares of Mufin Green Finance Ltd hit their upper circuit limit during the trading session on Wednesday as the company issued equity shares on the conversion of convertible warrants. The company informed about the same through an exchange filing during the session.

Mufin Green Finance said that its directors, in their meeting held on March 20, 2024, considered and approved the conversion of 9,30,000 convertible warrants into 9,30,000 equity shares of face value of Re 1 each, on preferential basis to Hindon Mercantile, upon receipt of an amount aggregating to Rs 4.41 crore at the rate of Rs. 47.47 per warrant 75 per cent of the issue price.

Following the announcement, shares of Mufin Green Finance hit an upper circuit of 5 per cent to Rs 144.05 on Wednesday, commanding a total market capitalization of close to Rs 2,200 crore. The scrip had also settled lower circuit at Rs 130.35 for the session but finally rebounded 10.5 per cent from day's low.

Earlier this month, Mufin Green Finance incorporated a subsidiary named Mufin Green Infra, which 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 the promoter entity.

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.