MAS Financial Services has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The public issue comprises the fresh issue of shares worth up to Rs 307.4 crore and an offer for sale of up to Rs 242.6 crore by existing shareholders.
The company, which filed the draft red herring prospectus with the SEBI in March, got the regulator’s approval on May 26. The company will use the issue proceeds for augmenting its capital base to meet future capital requirements. The book running lead manager to the issue is Motilal Oswal Investment Advisors.
MAS is specialized retail financing organization engaged in financial services since 1995, registered with Reserve Bank of India as an NBFC. The company provides corporate loans to NBFC-MFIs (micro finance institutions) and other NBFCs engaged in retail finance, small-ticket business loans, small commercial vehicle loans, two-wheeler loans and machinery finance.
