Shares of Mufin Green Finance Ltd hit an upper circuit during the early trading session on Friday after the company announced its board meeting to raise funds through multiples instruments. The company informed about the same through an exchange filing after market hours on Thursday.
“We wish to inform you that a meeting of the board of directors of the company is scheduled to be held on Thursday, September 28, 2023,” said Mufin Green Finance in the exchange filing. The board will meet to consider the fundraising proposal, which if approved, will be subject to such regulatory approvals including the approval of the shareholders of the company.
“The board will consider the proposal for raising of funds by way of issue of one or more of instruments comprising of equity shares, convertible securities of any other description or warrants or debt securities, through Private Placement/Preferential Issue/Qualified Institutions Placement or such other methods or combinations thereof as may be decided,” it added.
Following the announcement, shares of Mufin Green Finance hit an upper circuit to 20 per cent to 68.80 on Friday, its new 52-week highs. The company was commanding a total market capitalization close to Rs 1,040 crore. The scrip had settled at Rs 57.34 in the previous trading session.
Shares of Mufin Green Finance Have surged about 225 per cent in the last one year. The stock gained more than 60 per cent in the last one month itself. In the last four years, the company has rallied a whopping 3,700 per cent, making it a big multibagger.
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.Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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