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MAS Financial Services to go public, files Rs 550-cr IPO papers with Sebi

Net proceeds will be utilised towards augmenting its capital base

Mas Financial Services

Press Trust of India  |  New Delhi 

Photo: Shutterstock
Photo: Shutterstock

on Monday filed draft papers with capital markets regulator Sebi to raise an estimated Rs 550 crore through initial public offering.

The Gujarat-based non-banking financial company (NBFC) has been operating for more than two decades and has a presence across six states and the NCT of Delhi.

The initial public offer (IPO) 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 said in a statement.

Besides, the company is considering pre-IPO placement of up to 41 lakh equity shares for cash consideration of up to Rs 135 crore.

If the pre-IPO placement is completed, the size of the fresh issue will be reduced, it added.

Net proceeds from the fresh issue will be utilised towards augmenting its capital base to meet future requirements.

The equity shares will have a face value of Rs 10 and the final price band will be decided in consultation with the book running lead Manager.

Motilal Oswal Investment Advisors Pvt Ltd will manage the company's initial public offering.

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First Published: Mon, March 27 2017. 13:46 IST