India Business Excellence Fund III, a scheme of Business Excellence Trust III, has reduced its stake in MAS Financial Services Limited through a series of equity share disposals that triggered mandatory regulatory disclosure requirements.

Share Disposal Details

The fund disposed of 37,50,000 equity shares of MAS Financial Services through open market transactions conducted between July 15, 2025, and January 7, 2026. The disclosure obligation under Regulation 29(2) of the SEBI Takeover Regulations was specifically triggered on January 7, 2026, when the fund sold 5,68,640 equity shares, which combined with previous disposals breached the 2% threshold.

Shareholding Changes

The disposal significantly reduced India Business Excellence Fund III's ownership in MAS Financial Services. Before the transaction series, the fund held 1,21,33,737 equity shares representing 6.69% of the company's total share capital. Following the disposals, the fund's holding decreased to 83,83,737 equity shares, representing 4.62% of the total shareholding.

Regulatory Compliance

The disclosure was filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. India Business Excellence Fund III confirmed it does not belong to the promoter or promoter group of MAS Financial Services Limited. The fund operates under the investment management of MO Alternate Investment Advisors Private Limited.

Fund Structure

India Business Excellence Fund III operates as a scheme of Business Excellence Trust III, with MO Alternate Investment Advisors Private Limited serving as its investment manager. The disclosure was signed by Bharat Kedia, Chief Operating Officer, on behalf of the fund on January 9, 2026. MAS Financial Services Limited shares are listed on both the National Stock Exchange of India (Symbol: MASFIN) and BSE Limited (Scrip Code: 540749).

MAS Financial Services Limited has successfully completed the allotment of non-convertible debentures worth ₹100.00 crores through private placement. The Finance Committee of the Board of Directors approved the allotment on December 30, 2025, marking a significant fundraising milestone for the financial services company.

Debenture Structure and Terms

The company has allotted 10,000 rated, listed, senior, secured, redeemable, transferable, taxable, non-convertible debentures with specific financial parameters:

The debentures carry a credit rating of "CARE AA-/Stable" assigned by CARE Ratings Limited, reflecting the company's creditworthiness and financial stability.

Interest Payment Schedule

The debentures offer an attractive interest rate structure with regular monthly payments. Interest payments will commence from January 30, 2026, and continue monthly until the final redemption date of December 30, 2028. The principal amount will be repaid in full on the maturity date through pari passu redemption.

Security and Collateral Framework

The debentures are backed by comprehensive security arrangements to protect investor interests:

Listing and Trading Details

The non-convertible debentures will be listed on the Wholesale Debt Market segment of BSE Limited, providing liquidity options for investors. The private placement approach allows the company to raise funds efficiently while maintaining control over the investor base and terms of issuance.

Regulatory Compliance

The allotment has been completed in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has fulfilled all disclosure requirements under the SEBI LODR Master Circular, ensuring transparency and regulatory compliance throughout the fundraising process.