MAS Financial Services raises Rs100cr through market-linked NCDs; Stock gains 1%

The Debentures shall be fully redeemed on a pari passu basis on the redemption date i.e., December 23, 2023, by making the redemption payment.

Jun 25, 2021 02:06 IST India Infoline News Service

MAS Financial Services board of directors have approved and allotted, on a private placement basis, 10,000 Rated, Senior, Secured, Listed, Transferable, Redeemable, Principal Protected Market-linked Non-convertible debentures (Marketlinked NCDs) of the face value of Rs1 lakh, aggregating up to Rs100cr.

In its regulatory filing, the company highlighted that the allotment of 10,000 Market-linked NCDs, was inclusive of a greenshoe option comprising 5000 Market-linked NCDs which was activated to retain over-subscription.

The structuring of these market-linked NCDs will offer a coupon rate of:
  • 8.50% if the Reference Index Performance is greater than 75%, and/or
  • 8.45% if the Reference Index Performance is equal to or less than 75% but greater than 25%, and/or
  • 0% if the Reference Index Performance is lesser than or equal to 25%.
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 a tenure of 30 months from the date of allotment.

The Debentures shall be fully redeemed on a pari passu basis on the redemption date i.e., December 23, 2023, by making the redemption payment.

At around 1.58 pm, MAS Financial was trading at Rs873 per piece up by 0.7% on Sensex. 

Related Story

Open Free Demat Account (Rs699)