Mufin Green Finance raises Rs 900 million through listed NCD issuance

Mufin Green Finance Limited has raised Rs 900 million through a private placement of secured, rated and listed non convertible debentures. The proceeds will support the company’s rooftop and commercial solar installations, electric mobility initiatives and health insurance premium financing.

The company issued 9,000 non convertible debentures priced at Rs 0.1 million each. The instruments carry an 11.75 per cent coupon paid semi annually and have a tenure of 4 years, 11 months and 23 days. They mature on 26 November 2030. About 99.99 per cent of the principal will be redeemed in November 2028 and the balance will be paid at maturity. The debentures will be listed on the Bombay Stock Exchange.

Mufin Green Finance is a climate finance provider that focuses on extending access to finance to underserved and unbanked segments. Earlier this month, the company announced plans to finance Rs 5 billion of solar projects by 2026. It recently completed its first solar financing transaction worth Rs 32.5 million for a rooftop solar project at a manufacturing facility in Baroda, Gujarat, owned by a company with revenue of USD 3 billion.

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