Monitoring Agency Report for Quarter Ended June 30, 2025
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Mufin Green Finance has filed a Monitoring Agency Report from Acuité Ratings covering its December 2023 private placement of share warrants, originally sized at INR 140.25 Crores. Out of this, only INR 121.81 Crores was actually raised, as 44.7 lakh warrants worth INR 18.44 Crores were not exercised within the stipulated time and have been forfeited. The proceeds were earmarked for lending (INR 105.19 Cr) and general corporate purposes (INR 35.06 Cr). The company has utilized INR 102.67 Crores so far, with INR 20.40 Cr deployed during Q1 FY26 alone, all towards the lending object. INR 19.14 Crores remains unutilized and is parked in the company's current account, to be used in the next quarter.
No deviation from the stated objects was observed, and the monitoring agency flagged no unfavorable events, which is broadly reassuring for shareholders. However, the forfeiture of warrants worth INR 18.44 Crores means the company raised significantly less than originally planned, and a sizable chunk of funds remains unutilized as of June 30, 2025, which is mildly negative for capital deployment efficiency.