MAS Financial Services garners Rs 136 cr from anchor investors

The company will allow over 29.61 lakh equity shares to 15 anchor investors at Rs 459 apiece

MAS Financial Services today said it has raised about Rs 136 crore from anchor investors ahead of its initial share sale offering tomorrow.

The company would allow over 29.61 lakh equity shares to 15 anchor investors at Rs 459 apiece, which is the upper end of the price band, MAS Financial Services informed stock exchanges.

At this price, the total amount works out to be Rs 135.91 crore.

The anchor investors include Nomura, JP Morgan, Wasatch HDFC Mutual Fund (MF), ICICI Prudential MF, SBI MF, Birla Sun Life MF, DSP Blackrock MF and Reliance MF.

MAS Financial is a Gujarat-headquartered non-banking financial company (NBFC) with more than two decades of business operations and presence across six states and the NCT of Delhi.

The initial public offer (IPO) will be open for public subscription during October 6-10.

The public issue comprises the fresh issue of shares worth up to Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders. It has fixed a price band of Rs 456-459 per share for its initial share sale offering.

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

Motilal Oswal Investment Advisors Pvt Ltd will manage the company's initial public offering. The shares are proposed to be listed on the National Stock Exchange and the BSE.