What are the key terms of the NCDs?

The NCDs are listed secured non-convertible debentures up to ₹75 crore (including a ₹25 crore greenshoe) with a 10% annual coupon paid monthly, maturing in 15 months. They will be listed on BSE.

How does the ECB bond work?

The foreign currency bond is up to $6 million under the ECB route, with a floating rate of six-month CME SOFR plus 450 basis points, a three-year tenor, and semi-annual interest payments. It will be listed on India International Exchange (IFSC).

How does this compare to Mufin's recent debt raises?

In June 2026, Mufin raised ₹100 crore at an 11% coupon, and earlier ₹119 crore. The new NCD coupon of 10% is lower, suggesting improved credit perception despite higher leverage.

What is the total amount being raised?

The combined quantum is approximately ₹125 crore (₹75 cr NCD + $6M ECB at about ₹50 cr), which represents about 5% of Mufin's ₹2,541 crore market capitalisation.

Are these instruments secured?

Yes, both the NCDs and ECB bonds are secured by a first charge on identified receivables through hypothecation.

Credit · Finance - Investment · Small cap

Mufin Green Finance raises ₹75 cr via NCDs at 10%, adds $6M ECB bonds

The company is tapping dual-currency debt with a total of about ₹125 crore, lowering its borrowing cost from 11% to 10% while diversifying its liability base.

— 5 earlier stories on Mufin Green Finance Ltd. →

MUFIN By Tipsheet Editorial 14 Jul 2026 · 5:29 PM IST Verify on BSE · NSE

Mkt cap₹2,541 cr

P/E89.92×

ROE7.27%

Debt / eq.2.65

₹75 cr + $6M Dual-currency debt fundraise approved

What's new

Management committee approved listed NCDs up to ₹75 cr at 10% coupon, 15-month tenor
Greenshoe option of ₹25 cr on the NCD issue
Foreign currency ECB bonds of $6M at SOFR+450 bps, three-year tenor
Both instruments secured by first charge on receivables via hypothecation

Why this matters

This is Mufin's third debt raise in a quarter, but the coupon has dropped from 11% to 10%, reflecting improved credit access. The ECB component introduces forex risk but diversifies funding sources. At 5% of market cap, the total ₹125 cr is material for a non-bank lender reliant on borrowings to fund high-margin digital products.

What we're watching

Whether the greenshoe option is exercised, adding another ₹25 cr
Exchange rate movement on the ECB's $6M exposure
Impact on debt/equity, already at 2.65x

The full read

Mufin Green Finance keeps its foot on the debt pedal. The management committee has approved a dual-currency fundraise: ₹75 crore in listed NCDs (with a ₹25 crore greenshoe) at 10% coupon, and $6 million in ECB bonds at SOFR+450 bps. That is a total of about ₹125 crore, or 5% of its market cap. The 10% coupon is a full percentage point below the 11% Mufin paid on its June NCD. Lower cost, dual currency, and a 15-month maturity on the local debt suggest the company is actively managing its liability profile as it chases high-margin digital lending. The ECB adds forex risk, but for now, Mufin is funding and the market seems fine with it.

Questions answered

What are the key terms of the NCDs?: The NCDs are listed secured non-convertible debentures up to ₹75 crore (including a ₹25 crore greenshoe) with a 10% annual coupon paid monthly, maturing in 15 months. They will be listed on BSE.
How does the ECB bond work?: The foreign currency bond is up to $6 million under the ECB route, with a floating rate of six-month CME SOFR plus 450 basis points, a three-year tenor, and semi-annual interest payments. It will be listed on India International Exchange (IFSC).
How does this compare to Mufin's recent debt raises?: In June 2026, Mufin raised ₹100 crore at an 11% coupon, and earlier ₹119 crore. The new NCD coupon of 10% is lower, suggesting improved credit perception despite higher leverage.
What is the total amount being raised?: The combined quantum is approximately ₹125 crore (₹75 cr NCD + $6M ECB at about ₹50 cr), which represents about 5% of Mufin's ₹2,541 crore market capitalisation.
Are these instruments secured?: Yes, both the NCDs and ECB bonds are secured by a first charge on identified receivables through hypothecation.

Mentioned: BSE · India International Exchange · $6M ECB

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

Mufin Green Finance Ltd.

Asset Management

₹2,546 cr

P/E 90.09×

Latest quarter · Mar 2026

Total income₹65 cr

Net profit₹11 cr

Net margin+17.1%

EPS₹0.56

Leverage & growth

Debt / equity2.65×

Sales CAGR+76.5%

Story so far

All notes on MUFIN →

14 Jul 2026 · 5:29 PM IST Mufin Green Finance raises ₹75 cr via NCDs at 10%, adds $6M ECB bonds
35d ago Mufin Green raises ₹100 cr debt at 11%, leaving ₹19 cr of board approval unused.
40d ago Mufin Green Finance targets 300% profit growth for FY27
42d ago Mufin Green Finance raises ₹119 cr, a sum bigger than half its annual revenue
54d ago Mufin Green Finance AUM surges 84% to ₹1,541 cr, profit jumps 39% in FY26