Multibagger stock Mufin Green Finance hits life-time high after ₹140 crore fund raise approval


Multibagger stock: Mufin Green Finance shares are one of the multibagger stocks in 2023. This small-cap stock has doubled shareholders’ money in YTD as it has given more than 110 per cent return to its investors in this time. However,  the company is mulling to raise fund not exceeding 140 crore. The board of directors of the company gave its approval on Thursday for issuance of fresh warrants convertible into equities.

The warrants would be offered at a price of 55 per equity share, which is around 30 per cent below its current price and near 33 per cent below its life-time high, that it has made today in early morning session.

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This sparked fresh buying in the scrip helping the multibagger stock to hit new life-time high of 82.73 apiece on BSE.

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Mufin Green Finance news

The small-cap financial company informed Indian bourses about the fund raise move citing, “Pursuant to Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) read with Schedule III to the Listing Regulations, this is to inform you that the Board of Directors of the Company, at its Meeting held today, i.e., on Thursday, September 28, 2023 (which commenced at 11.15 a.m. and concluded at 2:00 p.m.), inter alia, has to issue upto 2,55,00,000 (Two Crore Fifty Five Lakh) warrants each convertible into, or exchangeable for, one equity share within the period of 18 (eighteen months) in accordance with the applicable law (“Warrants”) at a price of Rs. 55/- (Fifty Five Only) each (including the warrant subscription price and the warrant exercise price) aggregating upto Rs. 1,40,25,00,000/- (One Hundred Forty Crore Twenty Five Lakh Only) to Mr. Kapil Garg, Promoter and Managing Director of the Company and Mrs. Shelly Garg, Mr. Saurabh Garg, Mrs. Pooja Garg, Bima Pay Technology Private Limited (“Promoter Group”) and to certain other non-promoter group persons (as listed in Annexure I herein) by way of preferential issue in accordance with the provisions of Section 42 and Section 62(1)(c) of the Companies Act, 2013, as amended (“Act”) read with Companies (Prospectus and Allotment of Securities) Rules, 2014, as amended (“Rules”), Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Listing Regulations and such other acts / rules / regulations as maybe applicable and subject to necessary approval of the members of the Company and other regulatory authorities, as maybe applicable (“Warrants Issue”). Upon issue of Warrants in accordance herewith, an amount equivalent to 25% (twenty five per cent) of the total issue size shall be called upfront from the proposed allottees.”

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Mufin Green Finance shares are available for trade on BSE only. Its current market cap is 209 crore and its current trade volume is around 3.55 lakh. Its 52-week high is 82.73 and its 52-week low is 23.37 per share.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Updated: 29 Sep 2023, 02:23 PM IST

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