MAS Financial Services Limited has allotted 1,75,000 non-convertible debentures (NCDs) with an aggregate nominal value of ₹175 crore on a private placement basis. The allotment was completed on September 24, 2026, following approval by the company's Finance Committee.

The debentures carry a coupon rate of 8.55% per annum, payable quarterly. They have a tenure of 24 months from the date of allotment, with a final redemption date set for September 24, 2028. The instruments are rated "CARE AA-/Stable" by CARE Ratings Limited.

Security and redemption details

The NCDs are senior, secured, redeemable, transferable, and taxable. The principal amount is payable on the final redemption date. In the event of a payment default exceeding three months, additional interest at 2% per annum over the prevailing interest rate will apply until the default is cured.

The debentures are secured by a first-ranking exclusive and continuing charge over specific assets. This includes identified receivables, book debts, loan receivables, investments in non-convertible debt instruments, pass-through certificates, and unencumbered cash or fixed deposits.

What the numbers show

The issuance highlights MAS Financial Services' reliance on debt capital markets for funding, with a security cover requirement mandating that the value of hypothecated assets remain at least 1.1 times the outstanding amount of the debentures. This structural feature ensures asset backing for investors while providing the company with liquidity for its operations. The 8.55% coupon rate reflects current market conditions for AA-rated NBFC paper with a two-year maturity profile.

MAS Financial Services Limited has received an ESG Rating of 65 in the Strong category from CRISIL ESG Ratings & Analytics Limited. The rating was assigned on September 16, 2026, based on publicly available data.

The company clarified that it did not engage with the rating agency for this assessment. Instead, the agency voluntarily assigned the rating. The communication regarding the disclosure filed by the rating agency with the BSE Limited was received by the company on September 17, 2026.

Rating Details

The rating agency revised the communication on September 18, 2026. The specific details of the ESG rating are outlined below:

This intimation was issued pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full intimation is available on the company’s website.