MAS Financial Services Ltd (MAS) Filed Draft Papers For IPO:
As told investors in October last year that MAS Financial Services Ltd (MAS) is looking to raise money through IPO. Now as per latest update the new entrant in the IPO market, MAS Financial Services Limited (MAS), has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India.
The IPO offers fresh issue of equity shares, aggregating upto Rs 307 cr, with an additional Rs 242.6 cr via the offer for sale route. The equity shares outstanding of the company prior to this offer stood at 40,000,313.
The Company, in consultation with the BRLM, is considering a private placement of up to 4,100,000 equity shares for cash consideration, aggregating upto Rs 1,350 million, at its discretion, prior to filing of the Red Herring Prospectus with the RoC (“Pre-IPO Placement”).
The equity shares will have a face value of Rs 10 and the final price band will be decided in consultation with the Book Running Lead Manager (BRLM).
The net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future capital requirements.
Motilal Oswal Investment Advisors Private Limited is the book running lead manager to the issue and Link Intime India Private Limited is the registrar to the Issue.
Ahmedabad based, MAS Financial Services Limited is a non-banking financial company with more than 20 years of business operations.
The company has a presence in various segments of lending — home loans, vehicle loans, agricultural loans and small and medium enterprises (SMEs).
MAS Financial Services Ltd earned net profit of Rs. 53.38 crore on total income of Rs. 292.98 crore in 2015-16.
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