MAS Financial Services has incorporated a subsidiary company namely ‘MASfin Insurance Broking and accordingly have invested funds amounting to Rs 34,50,000 for 69% stake. The said investment is in compliance of section 17g (3) (e) and all other applicable provisions of companies Act, 2013 and various necessary approvals. The objective of acquisition is to carry out insurance activities and other allied activities as permitted by IRDA (Insurance Regulatory and Development Authority). The company has subscribed to 3,45,000 Equity Shares of Rs 10 each.
MAS Financial Services is engaged in the business of providing Micro Enterprise loans (MEL), Small and Medium Enterprise loans (SME), Two Wheeler loans (TW), Commercial Vehicle loans (CV) and loans to NBFCs - to create the underlying assets of MEL, SME, TW and CV.
