Mufin Green Finance Converts Rs 4.95 Crore Worth Of Warrants Into Equity
By Ankur Chandra | Updated at: Jun 4, 2025 04:26 PM IST
Mumbai, June 4, 2025: Mufin Green Finance Limited (BSE: 542774) has converted 12,00,000 convertible warrants into equity shares, resulting in a capital infusion of ₹4.95 crore. This strategic move increases the company’s paid-up capital to ₹16.47 crore, aligning with its ongoing efforts to strengthen its financial foundation and support its expansion in the green finance sector.
Mufin Green Finance, a leader in climate financing in India, supports the EV ecosystem by funding electric vehicles, charging infrastructure, and swappable batteries. With over ₹350 crore disbursed, it promotes environmental change, financial inclusion, income generation, and women’s empowerment through a process-driven approach.
This conversion marks the second tranche of a preferential allotment plan initiated in December 2023. Investors had paid 25% of the issue price upfront, with the remaining 75% (₹41.25 per share) now paid to exercise their right to convert.
As of June 4, 2025, at 10:45 AM IST, Mufin Green Finance Ltd is trading at ₹76.92 per share. The stock has experienced a 0.03% increase from its previous close of ₹76.90. During today’s trading session, the share price has fluctuated between ₹76.29 and ₹77.76. The company’s market capitalization stands at ₹1,257.24 crore. As Mufin expands its loan book in green mobility and sustainable finance, a stronger capital base is essential to improve its debt-to-equity ratio, meet RBI’s Tier I capital requirements, and enhance investor confidence.
Key Details of the Allotment
- Type of Issue: Preferential Allotment
- Warrants Converted: 12,00,000
- Conversion Price: ₹41.25 per warrant (75% of total ₹55 issue price)
- Total Amount Received on Conversion: ₹4.95 crore
- Face Value of Equity Shares: ₹1 each
- Resultant Paid-up Capital: ₹16,46,90,172 comprising 16,46,90,172 equity shares
The warrants were initially allotted on December 27, 2023, with an upfront payment of 25% of the issue price. In accordance with SEBI (ICDR) Regulations, the remaining 75% was paid upon the exercise of the warrants.
Investor Participation and Fund Inflow
The conversion attracted participation from several non-promoter entities, as detailed below:
| Investor | Shares Allotted | Amount Paid (₹) |
|---|---|---|
| Wow Investments | 2,60,000 | 1,07,25,000 |
| Hypotenuse Investment | 1,30,000 | 53,62,500 |
| Uday Ventures | 65,000 | 26,81,250 |
| Rahul Agrawal | 65,000 | 26,81,250 |
| Deepak Kumar Agrawal | 65,000 | 26,81,250 |
| Kedar Agrawal | 65,000 | 26,81,250 |
| Ten Eighty Investments | 1,30,000 | 53,62,500 |
| Malay Golechha | 65,000 | 26,81,250 |
| Sharad Goel | 1,95,000 | 80,43,750 |
| Abhishek Rathi | 1,60,000 | 66,00,000 |
| Total | 12,00,000 | 4,95,00,000 |
These shares were allotted on a pari-passu basis and will rank equally with the existing equity shares of the company.
Shareholding Pattern Post-Allotment
As highlighted in Annexure-II (page 3), all allottees are non-promoter investors and held no equity shares prior to the conversion. Their updated post-issue shareholding (in % terms) is as follows:
| Investor | Post-Issue Holding (%) |
|---|---|
| Wow Investments | 0.16 |
| Hypotenuse Investment | 0.08 |
| Uday Ventures | 0.04 |
| Rahul Agrawal | 0.04 |
| Deepak Kumar Agrawal | 0.04 |
| Kedar Agrawal | 0.04 |
| Ten Eighty Investments | 0.08 |
| Malay Golechha | 0.04 |
| Sharad Goel | 0.12 |
| Abhishek Rathi | 0.10 |
This diversification adds multiple new stakeholders to the company’s cap table, further reinforcing investor confidence in Mufin’s long-term prospects.
Regulatory Compliance and Warrant Terms
The company has adhered to SEBI’s Listing Obligations and Disclosure Requirements (LODR) and relevant circulars, ensuring transparency and regulatory compliance. Key terms of the warrants included:
- Warrant Tenure: Maximum of 18 months from the allotment date
- Conversion Right: Each warrant is convertible into one equity share
- Lapse Clause: Unexercised warrants within 18 months will lapse, with forfeiture of the upfront 25% paid
Strategic Outlook
This capital infusion comes at a pivotal time as Mufin Green Finance continues to expand its green finance portfolio. The additional equity strengthens the balance sheet, enabling the company to:
- Enhance its Tier I capital base
- Improve debt-to-equity ratios
- Support new business lines in sustainable mobility and green lending
Furthermore, the equity infusion from a diverse pool of investors reflects continued market trust in Mufin’s ESG-driven business model.
What It Means for Investors
- Improved Balance Sheet: A stronger capital position allows for better leverage and regulatory compliance.
- Wider Ownership: Shareholding has expanded across multiple strategic investors, reflecting market confidence.
- Clear Growth Signal: Mufin is preparing for a larger credit push in green sectors, such as EV financing and climate-resilient projects.
Market Context & Sector Relevance
India’s green finance sector is gaining momentum as EV adoption, ESG investing, and clean-tech lending receive policy and investor backing. Non-Banking Financial Companies (NBFCs) like Mufin are leveraging this shift.
Conclusion
With the successful conversion of 12 lakh warrants into equity and ₹4.95 crore infused, Mufin Green Finance has reinforced its capital adequacy and opened avenues for sustainable growth. Investors and stakeholders can anticipate further developments as the company capitalizes on India’s green economy transformation.
REF:https://nsearchives.nseindia.com/corporate/MUFIN_03062025185511_Intimation_Allotment_of_Warrants_F.pdf
Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. Every effort is made to ensure the accuracy, relevance, and timeliness of the information provided. However, inadvertent errors or omissions may occasionally occur.
Should you have any concerns, queries, or wish to point out any discrepancies in our content, please write to us at content@hdfcsec.com. Your feedback is valuable and helps us maintain the highest standards of content integrity.
Please note that the information shared is intended solely for informational purposes and should not be construed as investment advice. Users are advised to consult their financial advisors before making any investment decisions.
