This NBFC approves conversion of 7.65 lakh warrants

Kolkata-based non-banking finance company (NBFC) Mufin Green Finance has informed the stock market that its committee of directors for the preferential issue has approved the conversion of 7.65 lakh warrants into an equal number of equity shares with a face value of Re 1. 

"The Committee of Directors (“For Preferential Issue”) of the Mufin Green Finance Limited (“the Company”) in their meeting held today i.e. May 21, 2024, considered and approved the conversion of 7,65,000 (Seven Lakh Sixty Five Thousand) convertible warrants into 7,65,000 (Seven Lakh Sixty Five Thousand) equity shares of face value of Rs. 1/- each, on preferential basis, upon receipt of an amount aggregating to Rs. 3,15,56,250/- (Rupees Three Crore Fifteen Lakh Fifty Six Thousand Two Hundred Fifty only) at the rate of Rs. 41.25 (Rupees Forty One and Paise Twenty Five Only) per warrant," the company said in an exchange filing.

Earlier on December 27, 2023, Muffin Green Finance issued 2.55 crore convertible warrants which were issued at RS 55 per warrant. Muffin Green Finance has said that out of these, 7.65 lakh warrants have been converted into equity shares and the company has received the required amount for this. 

Consequently, the issued and paid up capital of the Company stands increased to Rs 16,28,70,172 consisting of 16,28,70,172 equity shares of Re 1 each.

The new equity shares so allotted, shall rank pari passu with the existing equity shares of the company.

Meanwhile, equity benchmark indices climbed in early trade on Wednesday in tandem with firm global market trends and buying in Reliance Industries and ITC.

The 30-share BSE Sensex climbed 212.21 points to 74,165.52 in early trade. The NSE Nifty went up by 48.35 points to 22,577.40.

Among the Sensex firms, NTPC, Hindustan Unilever, Asian Paints, Nestle and ITC were the major gainers. State Bank of India, Power Grid, JSW Steel and Mahindra & Mahindra were among the laggards.