Mufin Green Finance Approves Issuance of NCDs and Foreign Currency Bonds
Mufin Green Finance Limited has approved two major financing initiatives through its Management Committee. The company greenlighted the private placement of secured, non-convertible debentures (NCDs) and the issuance of foreign currency denominated bonds under the External Commercial Borrowings (ECB) framework.The approval details encompass both instruments, which are designed to bolster the company's financing structure.
Details of Proposed Securities Issuance
Mufin Green Finance intends to issue NCDs and ECB bonds via a private placement mechanism. The specifics regarding these securities are detailed below:| Particular | Non-Convertible Debentures (NCDs) | Foreign Currency Bonds (ECB) |
|---|---|---|
| Type of Security | NCDs | ECB Bonds |
| Issuance Type | Private Placement | Private Placement |
| Size of Issue | Upto Rs. 75,00,00,000 (Including Green Shoe Option of Rs. 25,00,00,000) | Upto USD 6,000,000 |
| Securities Proposed | Upto 75,000 NCDs of Face Value Rs. 10,000 each | Upto 600 US Dollar Denominated Bonds of Face Value USD 10,000 each |
| Tenure | 15 Months from Date of Allotment | 36 Months from Date of Allotment |
| Coupon/Interest Rate | 10% Coupon Rate | 6 Months CME SOFR + 450 bps |
| Interest Frequency | Monthly | Semi-annual |
| Security Charge | Secured by a first and exclusive charge basis on the identified receivables, by way of hypothecation. | Secured by a first ranking exclusive and continuing charge on the identified receivables, by way of hypothecation. |
Financing Structure Overview
The company’s decisions regarding these instruments were made following a meeting of its Management Committee.The NCDs are designated for listing on BSE Limited, while the bonds will be listed on India International Exchange (IFSC) Ltd. The tenure structure is as follows:
- NCDs: These debentures have a 15-month tenor and will feature Bullet Repayment at maturity from the date of allotment.
- Bonds: The ECB denominated bonds carry a 36-month tenure, with Bullet Repayment scheduled at maturity from the date of allotment.
The security for both instruments is established through hypothecation on identified receivables. For the NCDs, the interest payments are monthly and shall commence from the date of allotment. Regarding the Bonds, the payment schedule for interest, as well as principal repayment, will be determined upon allotment.
MUFIN Stock Price Movement
Mufin Green Finance Limited shares slipped by 1.65% in today’s trading session, settling at ₹128.21 as the market closed. The stock posted a full-day range between ₹127.2 and ₹129.9, with 574,720 shares traded.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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