Share price of an RBI-registered Non-Banking Financial Company (NBFC) hit a new 52-week high at Rs. 254.40 in the morning trading session on Monday after the company announced an acquisition.
With a market cap of Rs. 3,840 crore, shares of Mufin Green Finance Ltd. opened at Rs. 254.40 on February 5th, compared to its previous close of Rs. 242.30. The company has delivered positive returns of more than 89.1 percent in the last one year and around 51.7 percent of returns, so far in 2024.
According to the recent filings on stock exchanges, Mufin Green Finance and Mr. Kapil Garg have signed a Share Purchase Agreement (SPA) with LKP Finance to acquire a total of 56.96 lakh equity shares, representing 45.32 percent of the company on February 3rd.
LKP Finance Limited is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC) and the equity shares are listed on BSE.
As of now, the acquirers, Mufin Green Finance and Mr. Kapil Garg have acquired up to 32.67 lakh equity shares, representing 26 percent of the company at an offer price of Rs. 250 per equity share.
Consequently, the acquirers shall acquire considerable shares or voting rights in LKP Finance along with complete control over the management and its affairs after the successful completion of the Open Offer.
In terms of financials, the revenue from operations of Mufin Green Finance Ltd. increased by 20.6 percent from Rs. 17.52 crore in Q1 FY23-24 to Rs. 21.13 crore in Q2 FY23-24.
Further, the net profit of the company increased by 16.23 percent to Rs. 4.01 crore in Q2 FY23-24 from Rs. 3.45 crore in Q1 FY23-24. The upcoming result date for the Q3 FY23-24 has been fixed on February 14th.
As of December 2023, DIIs hold 14.12 percent of the shares in the company and the Promoters’ holdings remain unchanged at 58.18 percent since Q2 FY23-24.
Mufin Green Finance, a unit of Hindon Merchantile Ltd., is a Non-Banking Financial Company Non-Deposit Taking (NBFC-ND) registered with the RBI. The company contributes to the EV ecosystem of India by providing loans for income generation through Electric Vehicles, Electric Charging Infrastructure, and Swappable Batteries.
Classified as a Non-Government Company, Hindon Mercantile Ltd. is a technology-driven organisation that extends income generation loans and funds customers through a multichannel distribution system.
Written by Shivani Singh
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