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Mufin Green Finance Withdraws ₹41.45 Cr Non-Cash Preferential Issue Component
Mufin Green Finance has decided to partially withdraw its preferential issue plan by cancelling the issuance of 42,29,996 equity shares intended for non-cash consideration. This component was valued at approximately ₹41.45 crore at a price of ₹98 per share. The withdrawal is due to regulatory challenges regarding the valuation for consideration other than cash. Importantly, the company is proceeding with its larger cash-based fundraise of ₹341.44 crore and a warrant issue of ₹75 crore.
Key Highlights
Cancellation of 42,29,996 equity shares priced at ₹98 per share for non-cash consideration.
The withdrawn portion represents an aggregate value of ₹41.45 crore.
The ₹341.44 crore cash-based equity issue (3.48 crore shares) remains unchanged.
The ₹75 crore warrant issue (76.53 lakh warrants) also remains active and unchanged.
Withdrawal attributed to non-finalization of regulatory approvals for non-cash valuation.
💼 Action for Investors
Investors should focus on the successful execution of the remaining ₹416 crore cash-based fundraise, which is the primary driver for growth. The withdrawal of the non-cash portion is a minor regulatory setback and does not impact the company's liquidity or core operations.