Mufin Green Finance Ltd., the New Delhi-based financing solutions provider for the EV ecosystem, will debut on the National Stock Exchange (NSE), as per a BSE exchange filing by the company on Thursday, 2nd November.
In the filing, the company said, “Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we are pleased to inform you that the Company has received approval for the Listing of its Equity Shares on National Stock Exchange of India Limited with effect from November 6, 2023.”
About Mufin Green Finance
Mufin Green Finance is a subsidiary of Hindon Mercantile Ltd. Classified as a non-government company, Hindon is a technology organisation that provides income-generation loans to its customers.
Hindon is registered at ROC, Delhi. As of 31st March 2022, its total assets under management was Rs. 425 crores.
Mufin offers loans for income generation through swappable batteries, electric charging infrastructure and electric vehicles. According to its website, it has distributed more than Rs. 340 crores towards electric vehicles, affecting carbon footprint, financial inclusivity, income generation and women empowerment.
Stellar Performance On The BSE
On Friday 3rd November, shares of the small-cap organisation listed on the Bombay Stock Exchange (BSE) were locked in an upper circuit limit of 5% at Rs.129.30.
The 5% increase pushed the company’s market capitalisation to almost Rs. 1,950 crores.
Later, a profit booking was seen in the stock, and it dropped to Rs.118.65. The share traded at Rs.128 around 2:15 pm.
Following the approval of the NSE listing of equity shares, Mufin Green rallied during the last trading session of the week.
For the last five trading sessions, the stock has been hitting the upper circuit, rising around 27%. In the last one month, it gained 50%. In the previous six months, it gained 220%.
From its 52-week lows, it delivered a return of 300%.
NSE Listing
The NSE issued a statement, saying, “We are pleased to inform you that the equity shares of the company (Mufin Green Finance) shall be listed and admitted to dealings on the Exchange with effect from November 06, 2023 (Monday).”
The benchmark index has given the company the symbol “MUFIN.” A total of 1,50,99,5172 securities will be listed on the NSE.
The board of directors of Mufin Green Finance is set to meet on Thursday, 9th November, to assess and approve the financial results for the quarter ending 30th September.
The Reserve Bank of India recently gave the green signal to the company to operate as a pre-paid instruments (PPI) issuer. This will facilitate the launch of a “super app” by the company that will offer comprehensive financial services.
Why List On NSE Now?
According to globenewswire.com, the electric vehicle market in India is projected to reach $113.99 billion by 2029 at a compound annual growth rate (CAGR) of 66.52%.
With the NSE listing, the company hopes to attract more investors and leverage the growth potential of the industry in the immediate future.
FAQ
What does Mufin Green Finance do?
Mufin Green Finance is a subsidiary of Hindon Mercantile Ltd. It offers financing solutions to the EV ecosystem.
Why is the company in the news?
Mufin Green Finance will debut on the NSE today, 6th November 2023.
What is the company’s NSE symbol, and how many securities will be listed on the NSE?
The company’s NSE symbol is “MUFIN”. A total of 1,50,99,5172 securities will be listed.
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I’m Archana R. Chettiar, an experienced content creator with
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