MAS Financial Services Limited plans Rs. 550 crore IPO, files papers with SEBI
Ahmedabad based, MAS Financial Services Ltd. (MAS), filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI seeking permission for its Initial Public Offering (IPO). The company is a Gujarat-headquartered NBFC with more than two decades of business operations with presence across six states and the NCT of Delhi.
The issue aims to raise up to Rs. 5,500 million comprising of fresh issue aggregating up to Rs. 3,074 million and an offer for sale by selling shareholders aggregating up to Rs. 2,426 million.
The Company, in consultation with the BRLM, is considering a private placement of up to 4,100,000 Equity Shares for cash consideration aggregating up to Rs. 1,350 million, at its discretion, prior to filing of the Red Herring Prospectus with the RoC (“Pre-IPO Placement”). If the Pre-IPO Placement is completed, the size of the Fresh Issue will be reduced to the extent of such Pre-IPO Placement, subject to compliance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”).
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 utilized 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.
