MAS Financial Services Limited has informed the Exchange regarding allotment of 17500 securities pursuant to Non Convertible Securities at its meeting held on May 16, 2025
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MAS Financial Services has allotted 17,500 rated, secured, redeemable, non-convertible debentures (NCDs) aggregating to Rs 175 crore through private placement on May 16, 2025. The issuance is split into Series A debentures of Rs 100 crore (10,000 NCDs at face value of Rs 1 lakh each) carrying 8.35% interest payable monthly for an 18-month tenure maturing in November 2026, and Series B debentures of Rs 75 crore (7,500 NCDs) at 9.25% interest payable quarterly for a 24-month tenure maturing in May 2027. The debentures are rated CARE AA- (Stable) by CARE Ratings and will be listed on the BSE Wholesale Debt Market segment. They are secured by a first-ranking exclusive charge on the company's identified loan receivables with a minimum 1.1 times asset cover. As an NBFC, the proceeds will support the company's lending and growth operations.
This is a routine debt-raising move to fund MAS Financial's loan book expansion; there is no equity dilution for shareholders. The AA- credit rating and successful placement at reasonable rates indicate strong investor confidence in the company's credit profile, though it does add to the company's overall debt servicing obligations.