09-05-2022 10:28 AM | Source: Accord Fintech
MAS Financial Services moves up on incorporating subsidiary
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MAS Financial Services is currently trading at Rs. 763.50, up by 10.45 points or 1.39% from its previous closing of Rs. 753.05 on the BSE.

The scrip opened at Rs. 760.05 and has touched a high and low of Rs. 773.45 and Rs. 758.20 respectively. So far 698 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 846.95 on 07-Oct-2021 and a 52 week low of Rs. 469.05 on 02-Feb-2022.

Last one week high and low of the scrip stood at Rs. 773.45 and Rs. 706.55 respectively. The current market cap of the company is Rs. 4116.33 crore.

The promoters holding in the company stood at 73.71%, while Institutions and Non-Institutions held 10.93% and 15.36% respectively.

MAS Financial Services has incorporated a subsidiary company namely ‘MASfin Insurance Broking and accordingly have invested funds amounting to Rs 34,50,000 for 69% stake. The said investment is in compliance of section 17g (3) (e) and all other applicable provisions of companies Act, 2013 and various necessary approvals. The objective of acquisition is to carry out insurance activities and other allied activities as permitted by IRDA (Insurance Regulatory and Development Authority). The company has subscribed to 3,45,000 Equity Shares of Rs 10 each.

MAS Financial Services is engaged in the business of providing Micro Enterprise loans (MEL), Small and Medium Enterprise loans (SME), Two Wheeler loans (TW), Commercial Vehicle loans (CV) and loans to NBFCs - to create the underlying assets of MEL, SME, TW and CV.