MAS Financial Services raises INR 65 crore through market-linked NCDs (MLD)

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MAS Financial Services Limited

31 Mar, 2021, 16:21 IST

AHMEDABAD, India, March 31, 2021 /PRNewswire/ -- The Finance Committee of the Board of Directors of MAS Financial Services Limited (MAS Financial) (BSE: 540749) (NSE: MASFIN), specialized in MSME financing, in its meeting held on March 30, 2021 approved and allotted, on a private placement basis, 6,500 Rated, Senior Listed, Transferable, Redeemable, Principal Protected Market-linked Non-convertible debentures (Market-linked NCDs) of face value of INR 100,000, aggregating up to INR 65 crore.

The allotment of 6,500 Market-linked NCDs is inclusive of a green shoe option comprising of 1,500 Market-linked NCDs which was activated to retain over-subscription.

The debentures are rated 'CARE PP-MLD A+; Stable' by CARE Ratings Limited. The market-linked NCDs will be listed on the Wholesale Debt Market segment of The BSE Limited with tenure of 24 months from the date of allotment.

The structuring of these market-linked NCDs will offer a coupon rate of:

  1. 8.80% if the Reference Index Performance is greater than 75%, and/or
  2. 8.75% if the Reference Index Performance is equal to or less than 75% but greater than 25%, and/or
  3. 0% if the Reference Index Performance is lesser than or equal to 25%.

(The Reference Index Performance means the performance of the Reference Index [i.e. 5.85% GS 2030] on the final fixing date in comparison to the initial fixing date.) 

The Debentures shall be fully redeemed on a pari passu basis on the redemption date i.e., March 30, 2023, by making the redemption payment (being the aggregate of the face value/outstanding principal amount, and the interest amounts in respect of each of the Debentures to be calculated in the manner mentioned above).

About MAS Financial Services Limited (www.mas.co.in)

Established in 1995, MAS Financial Services (BSE: 540749) (NSE: MASFIN), is one of India's leading NBFCs that specialises in the last mile delivery of credit. Since more than 2 decades, the Company predominantly focuses on the vast lower income and middle income groups of the society and offers a wide range of retail financing products for Micro Enterprises, Small & Medium Enterprises, Two-Wheeler, Used Car, Commercial Vehicle, and Home Loans through its wholly-owned subsidiary MAS Rural Housing & Mortgage Finance Ltd. (MRHMFL). The Company has a robust pan India presence through 117 strategic partner NBFCs and 99 branches serving 3,450+ locations in rural, semi-urban and urban areas of Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, and Karnataka.