MAS Financial Services IPO subscribed by 36%

India Infoline News Service | Mumbai | October 06, 2017 12:38 IST

MAS Financial Services Limited, a Gujarat-headquartered NBFC with more than two decades of business operations initial public offering (IPO) got subscribed by 36%.

IPO
MAS Financial Services Limited, a Gujarat-headquartered NBFC with more than two decades of business operations initial public offering (IPO) got subscribed by 36% as on 1145 hours Day 1.

The total issue size stands at 71,24,910. The total bids received stood at 25,40,800 shares while total bids received at cut-off price stood at 4,53,344 shares.
The company’s IPO has opened on October 6, 2017 and will close on October 10, 2017, with a price band of Rs 456 to Rs 459 per equity share of face value of Rs 10 each of the company. The minimum bid lot is 32 equity shares and in multiples of 32 equity shares thereafter.
  
 The IPO comprises of a fresh issue aggregating up to Rs 233 crore (the fresh issue) and an offer for sale aggregating up to Rs 227.042 crore by the selling shareholders. The company has, in consultation with the BRLM, undertaken a pre-IPO private placement of 3,990,422 equity shares for cash consideration aggregating to Rs 135 crore.
  
The company proposes to utilise the net proceeds of the fresh issue towards augmenting its capital base to meet future capital requirements.
  
Motilal Oswal Investment Advisors Limited is the Book Running Lead Manager (BRLM) to the offer. The registrar to the offer is Link Intime India Private Limited.

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