MAS Financial Services Limited has informed the Exchange regarding allotment of 15000 securities pursuant to Non Convertible Securities at its meeting held on August 19, 2025
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Awaiting price reaction for this filing.
MAS Financial Services has allotted 15,000 secured, rated, listed, non-convertible debentures (NCDs) on a private placement basis at a face value of ₹1,00,000 each, aggregating to ₹150 crore. The debentures carry an interest rate of 9.25% per annum, payable quarterly, and have a tenure of about 21 months, maturing on May 16, 2027. The issue was priced at ₹1,00,076.03 per debenture (including accrued interest of ₹76.03) and has been rated 'CARE AA-; Stable' by CARE Ratings. Including this allotment, total debentures under ISIN INE348L07316 now stand at 22,500 (₹225 crore). The NCDs are secured by a first-ranking charge on the company's loan receivables at 1.1x cover and will be listed on BSE's Wholesale Debt Market segment. A green shoe option for up to 5,000 additional debentures (₹50 crore) remains available.
This is a pure debt raise, so there is no equity dilution for shareholders. The 9.25% cost of borrowing is reasonable given the AA- rating, and proceeds will likely support the company's lending business growth. Marginal increase in leverage, but asset cover of 1.1x on receivables provides safety for debenture holders.