Modern Shares & Stockbrokers reports standalone net profit of Rs 0.02 crore in the June 2017 quarter
Receives bids for 91.47 crore shares
MAS Financial Services' initial public offer (IPO) received bids for 91.47 core shares compared with 71.24 lakh shares on offer, data on NSE showed. The IPO was subscribed 128.39 times. The price band for the IPO has been fixed at Rs 456-459 per share. The issue had opened on 6 October 2017 and closed on 10 October 2017.
Category wise, the qualified institutional buyers (QIBs) category was subscribed 148.33 times. The non institutional investors (NIIs) category was subscribed 378.53 times. The retail individual investors (RIIs) category was subscribed 15.97 times.
MAS Financial Services' IPO committee of the company at a meeting held on 5 October 2017, finalized allocation of 29.61 lakh shares to 15 anchor investors at the upper end of the IPO price band at Rs 459 per share, aggregating to Rs 135.91 crore.
MAS Financial Services is raising Rs 460.04 crore through IPO, which comprises of a fresh issue of shares by the company aggregating up to Rs 233 crore and an offer for sale (OFS) of shares aggregating up to Rs 227.04 crore by the selling shareholders.
The offer for sale comprises of an offer aggregating up to Rs 112.66 crore by DEG (Deutsche Investitions-und Entwicklungsgesellschaft MBH), Rs 79.34 crore by FMO (Nederlandse Financierings - Maatschappij voor Ontwikkelingslanden N.V.) and Rs 35.04 crore by Sarva Capital LLC. The offer includes a reservation aggregating up to Rs 7 crore for eligible employees.
Net proceeds from the fresh issue will go to augmenting the capital base to meet future capital requirements. Further, there will be the benefits of listing of the equity shares on the stock exchanges, enhancement of the brand name and creation of a public market for equity shares in India.
On consolidated basis, MAS Financial Services reported net profit of Rs 23.70 crore on income from operations of Rs 104.02 crore in Q1 June 2017.
MAS Financial Services is a Gujarat-headquartered non-banking finance company (NBFC) providing loans to middle- and low-income borrowers as well as micro, small and medium enterprises.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)