MAS Financial Services Completes ₹500 Crore QIP

On June 24, 2024, MAS Financial Services announced the successful completion of a Qualified Institutional Placement (QIP) amounting to ₹500 crore, marking its first equity raise since its initial public offering (IPO) in 2017. The company stated that the QIP received an overwhelming response from investors, with demand surpassing the issue size multiple times over.

Key highlights of the QIP include strong participation from a diverse group of institutional investors. Notable domestic institutional investors included Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Aditya Birla Sun Life Mutual Fund, Bandhan Mutual Fund, Baroda BNP Paribas Mutual Fund, White Oak Capital Management, among others.

Leading insurance companies such as Bajaj Life Insurance, SBI General Insurance, Tata AIG Insurance, and PNB Met Life Insurance also participated.

Additionally, foreign institutional investors like Birla Offshore, East Bridge Capital, Samsung Asset Management, and others contributed to the successful completion of the QIP.

The QIP was structured with a size of ₹500 crore, inclusive of a green shoe option of ₹100 crore. The issue price was set at ₹286.25 per share, with a face value of ₹10 each. Post allotment, the total number of paid-up equity shares stands at 18,14,53,377.

Sharing his thoughts on the fundraising, the Founder, Chairman and Managing Director, Mr Kamlesh Gandhi, said, “On behalf of team MAS, I heartily welcome all the investors & deeply appreciate their trust and confidence while reaffirming our commitment to deliver robust financial performance by maintaining our trajectory of sustainable, consistent and quality growth as demonstrated over more than two decades. Team MAS remains committed to its mission of ‘Excellence through Endeavors.”

About MAS Financial Services

MAS Financial Services Limited, a non-deposit-taking Non-Banking Financial Company (NBFC) regulated by the RBI, specialises in providing retail financing solutions. Its offerings include Micro, Small and Medium Enterprises (MSME) financing, two-wheeler loans, home loans, commercial vehicle loans and used car loans.

On June 24, 2024, the share price of MAS Financial Services opened at ₹310.00, touching the day’s high at ₹320.50, as of 12:12 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.