MAS Financial allots ₹100 crore NCDs at 9.10% coupon, 24-month tenure, proposed BSE WDM listing

Ahmedabad, Aug 29, 2025: MAS Financial Services Limited (NSE: MASFIN) has approved the allotment of NCDs (Non-Convertible Debentures) worth ₹100 crore. The issue is rated CARE AA- (Stable) and will be listed on the Wholesale Debt Market Segment of BSE. The coupon rate is 9.10% per annum, payable monthly with a total tenure of 24 months. The maturity date will be August 29, 2027.

The issue comprises 1,00,000 rated, listed, senior, secured, redeemable, transferable, and taxable NCDs of face value ₹10,000 each and will be allotted through a private placement route.

MAS Financial Services is a non-deposit-accepting NBFC (Non-Banking Financial Company). While it initially offered consumer durable financing, the company has since diversified its portfolio to include corporate loans to NBFC-MFIs and other NBFCs engaged in retail finance, as well as small-ticket business loans, two-wheeler loans, small commercial vehicle loans, and machinery finance. Its operations are primarily concentrated in Gujarat, Rajasthan, and Maharashtra.

Interest Payable Monthly From September 2025; Secured by First-Ranking Charge Over Book Debts and Receivables

Interest on the NCDs shall be payable monthly on the 29th of each calendar month starting with September 2025, until maturity. The debentures are secured by a first-ranking exclusive and continuing charge in favor of the debenture trustee over the notified debtors (book debts) and receivables.

The total value of hypothecated assets will be fixed at 1.10 times (minimum) of the value of the outstanding debenture amount. In the event of a payment default, an additional interest of 2% will be applicable until the default is cured or the NCDs are fully redeemed.

MAS Financial’s allotment of ₹100 crore NCDs at a 9.10% coupon reflects its strategic fundraising to support diversified lending operations. With secured assets, a structured monthly interest payout, and BSE WDM listing plans, the move strengthens investor confidence while maintaining risk mitigation through asset-backed security.

REF: https://nsearchives.nseindia.com/corporate/MASFIN_29082025111614_OutcomeNCDAllotmentNSE.pdf

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