Monitoring agency finds no deviation in use of preferential issue proceeds
Mufin Green Finance has enclosed the Monitoring Agency Report for the quarter ended September 30, 2026, issued by Acuité Ratings & Research Limited.
By ScoutQuest · · 2 min read
- Total issue size
- Rs. 319.32 crore — equity Rs. 244.32 crore, fully raised — and warrants Rs. 75.00 crore
- Amount raised so far
- Total raised so far: Rs. 263.07 crore
- Balance receivable on warrant conversion
- Balance Rs. 79.25 crore is receivable on warrant conversion, by August 2027
What the report covers
Mufin Green Finance Limited (formerly APM Finvest Limited) has enclosed the Monitoring Agency Report for the quarter ended September 30, 2026, issued by Acuité Ratings & Research Limited. A monitoring agency is an outside party appointed to check, every quarter, whether money raised from investors is being used for the purposes stated at the time of the issue.
The issue in question was a preferential issue of 2,49,30,765 equity shares and 76,53,061 warrants, made during the period February 18, 2026 to March 04, 2026.
Where the money stands
- Total issue size: Rs. 319.32 crore, made up of Rs. 244.32 crore of equity shares and Rs. 75.00 crore of convertible warrants.
- Amount raised so far: Rs. 263.07 crore — the equity portion in full, plus Rs. 18.75 crore received against the warrants.
- The balance Rs. 79.25 crore of the warrant issue is receivable when the warrants are converted into shares, by August 2027.
Warrants are a right to be allotted shares later on payment of the balance amount. So the Rs. 79.25 crore is money the company expects to receive, not money already in hand, and its receipt depends on the warrant holders choosing to convert.
No deviation reported
- The monitoring agency observed no deviation from the objects of the issue for the quarter.
- Utilisation was reviewed against documents provided by the issuer, bank statements and an independent auditors certificate issued by Parv & Co. The agency's comment: utilisation in the respective objects is as per the disclosures made by the company.
- No change in the means of finance for the stated objects, and no major deviation over the monitoring agency reports of earlier periods.
- No favourable or unfavourable event affecting the viability of the objects was observed.
- On the other checks in the report, the issuer replied that no government or statutory approval and no technical assistance or collaboration arrangement is required for the objects.
The agency also states that it does not perform an audit and does not independently verify the information or certificates it receives, and that its report is not a view on the company's securities.
What a retail investor can take away
- The main signal here is procedural: money already received has been tracked by an outside agency and has not drifted from the stated objects during the quarter.
- There is no change in how the project is being funded, which matters because a shift in the means of finance can change the risk profile of a fundraise.
- The pending warrant money of Rs. 79.25 crore is a future event tied to conversion by August 2027, and the report records it as receivable rather than received.
- This is a routine quarterly disclosure, so it is best read as a check on how the earlier fundraise is being used rather than as new information about the business.
Also from Mufin Green Finance
Board approves results, 23% Bimapay stake, 20% Arthum stake and related-party postal ballot
5 Nov 2026
Board meeting on November 05, 2026 to consider and approve Q2 and H1 results
30 Oct 2026
More numbers
- Equity shares allotted in the preferential issue2,49,30,765
- Warrants allotted in the preferential issue76,53,061
- Issue size - equity shares244.32
- Issue size - convertible warrants75.00
- Total issue size319.32
- Total amount raised so far263.07
- Amount raised against warrants18.75
- Balance receivable on warrant conversionINR 79.25 crore
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