MAS Financial Services raises INR 100 crore through Market Linked NCDs
MAS Financial Services, a non-banking financial business, announced that it raised Rs 100 crore through a private placement of market-linked non-convertible debentures.
The lender has issued 1,000 MLDs with a face value of Rs 10,000 each, totaling Rs 100 crore, according to a statement.
It added that the 1,000 market-linked NCDs included a greenshoe option of 500 market-linked NCDs that was activated to prevent over-subscription.
If the Reference Index Performance is greater than 75 percent, these NCDs will have a coupon rate of 8.50 percent, or 8.45 percent if the Reference Index Performance is less than or equal to 75 percent but greater than 25 percent. If the Reference Index Performance is less than or equal to 25%, it will offer 0%, according to the declaration.
According to the statement, the Reference Index Performance refers to the performance of the Reference Index, which is 6.10 percent government security 2031, on the final fixing date compared to the initial fixing date.
It stated that on the redemption date, September 18, 2023, the NCDs will be fully redeemed on a pari passu basis by providing the redemption payment.
The storey of MAS as an organisation began in 1988. The company specialises in financial services and has been a licenced NBFC with the RBI since 1995. It was listed on the NSE and BSE in 2017. To meet the diverse demands of clients, it provides financial services such as Two Wheeler Loans, Business Loans, MEL, Personal Loans, Commercial Vehicle Loan, Working Capital Loans – Auto Loans, Agri Loans, Tractor Loans, Consumer Durable, SME Loans, Loan against Property, Home Loans, and so on.
The lender has issued 1,000 MLDs with a face value of Rs 10,000 each, totaling Rs 100 crore, according to a statement.
It added that the 1,000 market-linked NCDs included a greenshoe option of 500 market-linked NCDs that was activated to prevent over-subscription.
If the Reference Index Performance is greater than 75 percent, these NCDs will have a coupon rate of 8.50 percent, or 8.45 percent if the Reference Index Performance is less than or equal to 75 percent but greater than 25 percent. If the Reference Index Performance is less than or equal to 25%, it will offer 0%, according to the declaration.
According to the statement, the Reference Index Performance refers to the performance of the Reference Index, which is 6.10 percent government security 2031, on the final fixing date compared to the initial fixing date.
It stated that on the redemption date, September 18, 2023, the NCDs will be fully redeemed on a pari passu basis by providing the redemption payment.
The storey of MAS as an organisation began in 1988. The company specialises in financial services and has been a licenced NBFC with the RBI since 1995. It was listed on the NSE and BSE in 2017. To meet the diverse demands of clients, it provides financial services such as Two Wheeler Loans, Business Loans, MEL, Personal Loans, Commercial Vehicle Loan, Working Capital Loans – Auto Loans, Agri Loans, Tractor Loans, Consumer Durable, SME Loans, Loan against Property, Home Loans, and so on.
