MAS Financial Services Limited (MFSL) has submitted a regulatory disclosure to BSE Limited and the National Stock Exchange of India Limited regarding a corporate action involving its subsidiary, MAS Rural Housing and Mortgage Finance Limited (MRHMFL).
The disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is a follow-up to a previous communication dated August 29, 2019.
The subsidiary company, MRHMFL, has decided to redeem 33,33,340 Series I 6% Non-Cumulative Optionally Convertible Preference Shares (OCPS). This represents exactly 33% of the total OCPS issued. These specific shares were originally subscribed to by MAS Financial Services Limited as an investment.
Pursuant to the original terms and conditions of the OCPS issuance, the redemption will result in a payment of ₹3,33,33,334 (Rupees Three Crore Thirty-Three Lakh Thirty-Three Thousand Three Hundred Thirty-Four only) from the subsidiary (MRHMFL) to the parent company (MFSL).
The company has explicitly stated that this redemption action will not result in any change to the equity shareholding pattern of MAS Rural Housing and Mortgage Finance Limited. MAS Financial Services Limited will continue to hold its existing equity stake in the subsidiary company.
The letter was signed by Riddhi Bhaveshbhai Bhayani, Company Secretary and Chief Compliance Officer (ACS No.: 41206) of MAS Financial Services Limited.