Mufin Green Finance Limited has successfully concluded its postal ballot process with shareholders overwhelmingly approving the proposed amendment to the company's Articles of Association. The results, announced on March 20, 2026, demonstrate strong shareholder confidence in the company's governance initiatives.

Voting Results Overview

The postal ballot sought approval for altering the Articles of Association of the company through a special resolution. The voting results showed remarkable shareholder support across all categories.

Category-wise Voting Pattern

The voting pattern across different shareholder categories revealed unanimous support from promoters and institutional investors, with minimal opposition from public non-institutional shareholders.

Promoter and Promoter Group

• Shares Held: 93735612
• Votes Polled: 4940000 (5.27% of total shares held)
• Support: 100% in favor with zero votes against

Public Institutions

• Shares Held: 4838068
• Votes Polled: 25419 (0.53% of total shares held)
• Support: 100% in favor with zero votes against

Public Non-Institutions

• Shares Held: 74657743
• Votes Polled: 2122237 (2.84% of total shares held)
• Support: 99.79% in favor with 0.21% against

E-voting Process Details

The remote e-voting process was conducted through the National Securities Depository Limited (NSDL) platform. Key timeline details include:

Scrutinizer Report

CS Abhay Kumar of Abhay K & Associates, Company Secretaries, served as the appointed scrutinizer for the postal ballot process. The scrutinizer was appointed by the Board of Directors through a resolution dated February 13, 2026, pursuant to Section 108 of the Companies Act, 2013.

The scrutinizer's report confirmed the validity of the voting process and provided detailed breakdowns of votes cast in favor and against the resolution. A total of 92 members voted in favor while 21 members voted against the resolution, with no invalid votes recorded.

Regulatory Compliance

The postal ballot process was conducted in accordance with:

• Section 108 and 110 of the Companies Act, 2013
• Rule 20 of the Companies (Management and Administration) Rules, 2014
• Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The voting results and scrutinizer's report have been uploaded on the company's website at www.mufingreenfinance.com and NSDL's e-voting portal at www.evoting.nsdl.com , ensuring transparency and accessibility for all stakeholders.

The successful completion of this postal ballot process with such strong shareholder support reflects the company's commitment to good corporate governance and transparent decision-making processes.

Mufin Green Finance Limited has successfully completed a significant preferential allotment, raising capital through the issuance of equity shares and convertible warrants. The Committee of Directors approved the allotment on March 4, 2026, following the necessary regulatory approvals and shareholder consent obtained in November 2025.

Allotment Details

The company allotted a total of 2,49,30,765 equity shares and 76,53,061 warrants at an issue price of ₹98 per share, including a premium of ₹97 over the face value of ₹1 each. The allotment was conducted in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013.

Capital Structure Impact

Post-allotment, the company's paid-up equity share capital has increased substantially. The capital structure transformation reflects the successful fundraising initiative and expansion of the shareholder base.

Investor Composition

The preferential allotment attracted a diverse group of investors, with equity shares distributed among 130 non-promoter entities and individuals. The largest allocations went to MMG Advisors LLP (25,58,853 shares), Sandeep Kapadia (16,37,666 shares), and Sageone Flagship Growth OE Fund (15,35,312 shares). The warrants were exclusively allotted to promoter entity Hindon Mercantile Limited.

Major Equity Share Allottees

Warrant Conversion Terms

The 76,53,061 warrants allotted to Hindon Mercantile Limited carry specific conversion terms and conditions. Each warrant provides the right to subscribe to one equity share, with flexibility for exercise in tranches during the specified period.

Key Warrant Features:

• Conversion period: 18 months from allotment date
• Exercise ratio: 1 warrant = 1 equity share
• Initial payment: 25% of warrant issue price received
• Balance payment: 75% due upon exercise
• Forfeiture clause: Unexercised warrants lapse after 18 months

Promoter Holding Impact

Hindon Mercantile Limited, the promoter entity, will see its shareholding percentage change upon warrant conversion. Pre-issue, the entity held 88,245,612 shares representing 50.94% stake. Post-conversion of all warrants, the holding would increase to 95,898,673 shares, representing 46.59% on a diluted basis.

Regulatory Compliance

The allotment was conducted following comprehensive regulatory procedures, including board approval on November 6, 2025, and extraordinary general meeting approval on November 29, 2025. The company has fulfilled all disclosure requirements under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The newly allotted equity shares will rank pari-passu in all respects with the existing equity shares of the company, ensuring equal rights and privileges for all shareholders.