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Mufin Green Finance Raises Rs500 Million via NCDs to Strengthen EV Financing
Sept 16, 2025
Mufin Green Finance, a listed non-banking financial company (NBFC), has successfully completed the allotment of 5,000 non-convertible debentures (NCDs) worth Rs500 million through a private placement. Each NCD carries an 11% annual coupon rate, payable monthly.
The NCDs were issued on September 11, 2025, with a 15-month tenure, maturing on December 11, 2026. Repayments are structured in two parts: 50% on October 11, 2026, and the remaining 50% on December 11, 2026. The company clarified that no special rights or privileges are attached to these instruments, and standard repayment conditions apply without penalties beyond three months.
This fundraising aligns with Mufin Green’s earlier announcement in August 2025 about raising capital through debt instruments. Founded in 2016, the company has financed EV assets worth over Rs3.5 billion, enabling 354 million green kilometers and avoiding around 173,788 tons of carbon emissions. Its offerings span EV financing for two-, three-, and four-wheelers, leasing, channel finance, and even swappable battery infrastructure for smaller vehicles.
Mufin Green previously attracted global attention, securing Rs80 million in 2023 from the Shell Foundation to expand its sustainable mobility financing solutions.