Multibagger: Mufin Green Finance hits 52-week high as NBFC shares fundraising plan

Shares of Mufin Green Finance, a small-cap company which is listed on the Bombay Stock Exchange (BSE), were locked in an upper circuit limit of 20 per cent at Rs 68.80 - also its 52-week high. The scrip had settled at Rs 57.34 in the last trading session.

According to information available on the BSE website, Mufin Green Finance shares have delivered a 77 per cent return on a year-to-date (YTD) basis. It has yielded multibagger return of 198 per cent in the past one year. The NBFC has a market cap of Rs 1,038.85 crore.

Brokerage firm JM Financial in a report has said that NBFCs exhibited a strong performance in the April-June quarter across all the parameters, driven mainly by retail consumer and SME loans.

Notably, the Indian economy is undergoing a healthy rebound from the pandemic and NBFCs are contributing significantly in propelling the growth.

NBFCs serve as vital sources of funds for investments and infrastructure projects, especially for small and medium enterprises, thus contributing significantly to the overall growth.

Meanwhile, the financial services sector is buoyant, thanks to the increase in economic activities driven by government initiatives on financial inclusion and rising incomes. As the sector promises excellent prospects to invest in and deliver alpha returns, financial services firm Mufin Green Finance has announced a fundraising plan through multiple instruments. The company in an exchange filing said that the board will take up a proposal at the next meeting on September 28 (Thursday).

The funds will be raised by way of the "issue of one or more instruments comprising equity shares, convertible securities of any other description or warrants or debt securities or other methods."

The proposal would be subject to statutory/regulatory approvals as may be necessary, the non-banking financial company (NBFC) based out of New Delhi said.