Monitoring Agency Report for Quarter Ended March 31, 2025
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Mufin Green Finance Limited, an NBFC, has submitted the Monitoring Agency Report from Acuité Ratings & Research for Q4 FY25, covering utilization of proceeds from a private placement of share warrants. The total issue size is INR 140.25 crore, with warrants priced at Rs. 55 each, issued in December 2023. Of this, INR 105.19 crore was earmarked for lending and INR 35.06 crore for general corporate purposes. As of March 31, 2025, the company has utilized INR 82.27 crore for lending, with INR 0.50 crore unutilized and sitting in the current account. No amount has been deployed for general corporate purposes. The Monitoring Agency confirmed no deviation from stated objects and no unfavorable events affecting viability. The company has received Rs. 35.06 crore upfront (25% warrant price) and Rs. 82.77 crore cumulatively till Q4 FY25, with a balance of Rs. 57.48 crore still pending from warrant subscribers, expected by June 2025.
The report is largely procedural and shows on-track use of funds with no deviations or red flags. However, investors should note that Rs. 57.48 crore is still pending to be called from warrant subscribers, and the entire general corporate purpose allocation (Rs. 35.06 crore) remains undeployed, which may indicate slower-than-planned capital deployment.