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Report: India-based MAS Financial Services to raise 6B rupees via IPO

India-based nonbanking financial company MAS Financial Services Ltd. plans to raise about 6 billion rupees in an IPO, The Hindu Business Line reported March 26.

The company intends to file a draft prospectus for an IPO with the Securities and Exchange Board of India this week. The issuance will comprise a fresh issue of shares and offer of shares for sale by existing shareholders, the news outlet said, citing "sources close to the development."

Motilal Oswal Investment Advisors will manage the issuance.

MAS Financial Services provides home loans, micro-enterprise loans, small and medium-sized enterprise loans and two-wheeler, commercial vehicle and agricultural-based loans, among others.

As of March 27, US$1 was equivalent to 65.06 Indian rupees.