MAS Financial Services Recommends Issuance of Bonus Shares in the Proportion of 2:1; Plans to Raise upto Rs 700 Crores Via QIP Route
Jan 18, 2024
NewsVoir
Ahmedabad (Gujarat) [India], January 18: The meeting of Board of Directors of MAS Financial Services Limited (MAS Financial) (BSE: 540749, NSE: MASFIN), specialized in MSME financing, held today have inter-alia considered and approved the following matters:
* To reward the shareholders of the company on crossing of monumental milestone of Rs. 10,000 Crore in consolidated AUM, the board recommended the issue of Bonus Shares in the proportion of 2:1 i.e. 2 (Two) new fully paid-up bonus equity share of Rs 10/- (Rupees Ten only) each for every 1 (One) existing fully paid-up equity share of Rs 10/- (Rupees Ten only) each held by the shareholders of the Company as on the Record Date.
* To fuel the next level of the growth of the company, the board passed an enabling resolution to raise funds for an aggregate amount not exceeding Rs 700 Crores in one or more tranches by way of a Qualified Institutions Placement (QIP), in accordance with the relevant provisions of applicable law,subject to approval of the Company's shareholders and receipt of applicable regulatory approvals.
Commenting on board meeting outcome, Kamlesh Gandhi - Founder, Chairman & Managing Director, MAS Financial said, "The board of directors of the company is delighted and unanimously recommends the issuance of Bonus Shares to reward the shareholders of the company. While the capital base of the company remains very strong, the enabling resolution to raise capital is to further strengthen the balance sheet and fuel the next level of growth. Team MAS remains committed to its mission of excellence through endeavors."
Incepted back in 1995, MAS is registered as non-banking financial company with the Reserve Bank of India. With a plethora of retail finance options in its arsenal, MAS is focused on fulfilling the requirements of lower income and middle-income groups of the society. The company offers Financial Services for Micro Enterprises Loans, SME Loans, Home Loans, Two-Wheeler Loans, Used Car Loans, and Commercial Vehicle Loans to satisfy their varied needs. The focus remains on the vast lower income and middle-income groups of the society, spread across urban, semi urban and rural areas, and including formal and informal sector.
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