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Stock Report
MAS Financial Services raises INR 65 crore through market-linked NCDs (MLD)
Posted On : 2021-03-31 14:56:19( TIMEZONE : IST )
The Finance Committee of the Board of Directors of MAS Financial Services Limited (MAS Financial) (BSE: 540749, NSE: MASFIN), specialized in MSME financing, in its meeting held on March 30, 2021 approved and allotted, on a private placement basis, 6500 Rated, Senior Listed, Transferable, Redeemable, Principal Protected Market-linked Non-convertible debentures (Market-linked NCDs) of face value of INR 100,000, aggregating up to INR 65 crore.
The allotment of 6500 Market-linked NCDs, is inclusive of a green shoe option comprising of 1500 Market-linked NCDs which was activated to retain over-subscription.
The debentures are rated 'CARE PP-MLD A+; Stable' by CARE Ratings Limited. The market-linked NCDs will be listed on the Wholesale Debt Market segment of The BSE Limited with tenure of 24 months from the date of allotment.
The structuring of these market-linked NCDs will offer a coupon rate of
(a) 8.80% if the Reference Index Performance is greater than 75%, and/or
(b) 8.75% if the Reference Index Performance is equal to or less than 75% but greater than 25%, and/or
(c) 0% if the Reference Index Performance is lesser than or equal to 25%.
(The Reference Index Performance means the performance of the Reference Index (i.e. 5.85% GS 2030) on the final fixing date in comparison to the initial fixing date.)
The Debentures shall be fully redeemed on a pari passu basis on the redemption date i.e., March 30, 2023, by making the redemption payment (being the aggregate of the face value / outstanding principal amount; and the interest amounts in respect of each of the Debentures to be calculated in the manner mentioned above).
Shares of MAS Financial Services Ltd was last trading in BSE at Rs.866.4 as compared to the previous close of Rs. 870. The total number of shares traded during the day was 2180 in over 268 trades.
The stock hit an intraday high of Rs. 875.35 and intraday low of 845.55. The net turnover during the day was Rs. 1879758.
