Small-cap NBFC stock below ₹100 edges higher after conversion of warrants into equities
This response addresses the company's notification dated December 27, 2023, concerning the issuance of 2.55 crore convertible warrants, which can be converted into equity shares with a face value of ₹ 1 each, at an issue price of ₹ 55 each, subsequent to the collection of subscription funds from the allottees on a preferential basis.
As a result, the company's issued and paid-up capital has increased to ₹ 16,46,90,172/-, comprised of 16,46,90,172 equity shares of Re. 1/- each.
According to MoneyControl, Gunjan Jain, the CFO of the company, mentioned that Mufin Green Finance aims to achieve an AUM of ₹ 1,300 crore by the conclusion of FY26, with an additional capital injection of $18 million and approximately 60% of its investments focused on the EV mobility sector.
As per a report from Moneycontrol, this signifies a decrease from the existing 75% exposure, as the firm aims to diversify into solar and healthcare-oriented medical and premium financing products to establish a more balanced portfolio across various customer segments and associated risk levels.
"We're deliberately minimizing our dependence on electric mobility," stated CBO Dhiraj Agrawal. "Our targeted portfolio distribution by FY26 is 60% from EVs and 40% from solar and medical finance." The company's solar loan portfolio, currently modest at ₹ 25 crore out of a total ₹ 836-crore portfolio, is projected to expand to ₹ 300–400 crore in the next two years, Agrawal noted, as per MoneyControl news report.
Mufin Green Finance share price today opened at ₹ 77.44 apiece on the BSE, the stock touched an intraday high of ₹ 78.55 per share, and an intraday low of ₹ 76.30 per share.
According to Anshul Jain, Head of Research at Lakshmishree Investments, After a 73% correction over 61 weeks, Mufin Green Finance share price is forming a 13-week base, indicating early signs of stabilization. A breakout above ₹ 85 will confirm the pattern and open room for a bounce-back rally. Traders should consider fresh longs only on a sustained move above ₹ 85, with an initial upside target of ₹ 110. Until then, the stock may continue consolidating within the current range as it builds strength for a potential breakout.
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