Mufin Green Finance proposed to acquire 45% stake in LKP Finance

Mufin Green Finance, an NBFC focusing on electric vehicle (EV) financing, has disclosed its intention to acquire BSE-listed NBFC LKP Finance Limited.

Incorporated in 1984, LKP Finance declared a turnover of INR 25 crores in FY22-23, INR 55.5 crores in FY21-22, and INR 95.6 crores in FY20-21. Mufin Green Finance Limited is proposing to acquire 56,96,312 Equity Shares, representing 45.32% of the shareholding of the Target Company. The indicative time period for completion of the acquisition is May 2024. This move is expected to inject an additional INR 340 crores of equity capital into Mufin Green, facilitating the development of its Green portfolio.

Kapil Garg, MD of Mufin Green Finance, stated, “In our pursuit of sustainable transportation solutions, the acquisition of LKP Finance represents a significant milestone. This strategic venture not only amplifies our green portfolio but also empowers us to offer a diverse range of financing solutions to individual consumers, fleet operators, and commercial entities.”

MV Doshi, the promoter of LKP Finance, commented, “We believe that Mufin Green Finance’s vision and expertise align perfectly well with the goals and aspirations we have set for our organisation. This decision represents a significant milestone in our company’s journey and reflects our dedication to maximizing value for our shareholders and stakeholders. We believe that Mufin Green Finance will accelerate the growth in the Green Energy space, expand their reach, and better serve their customers. We are confident that this acquisition will create long-term value for all involved”.

Also read: Shell Foundation funds $1M to Mufin Green Finance for EV financing