Mufin Green Finance Limited announced a private placement of up to 25,500,000 convertible warrants at a price of INR 13.75 per warrant for the gross proceeds of INR 350,625,000 on September 28, 2023. The warrants will be issued on preferential basis and convertible into 1 equity share at an exercise price of INR 41.25. The warrants may be exercised by the warrant holder, in one or more tranches, at any time on or before the expiry of 18 months from the date of allotment of the warrants by issuing a written notice to the company specifying the number of warrants proposed to be exercised along with the aggregate amount payable thereon.

The transaction has been approved by the shareholders of the company and is subject to approval of members of the company and other regulatory authorities. The transaction will include participation from new investors Kapil Garg for 1,100,000 warrants for INR 6,05,00,000, Shelly Garg for 11,00,000 warrants for INR 6,05,00,000, Saurabh Garg for 11,00,000 warrants for INR 6,05,00,000, Pooja Garg for 11,00,000 warrants for INR 6,05,00,000, Bima Pay Technology Private Limited for 11,00,000 warrants for INR 6,05,00,000 and other other non-promoter group persons.