MAS Financial Services Limited Raises ₹360 Crore Through NCD from Dutch Development Bank FMO
MAS Financial Services Limited (MAS Financial), a specialized Non-Banking Financial Company (NBFC) focused on MSME financing, has announced the issuance of Senior Secured, Listed Non-Convertible Debentures (NCDs) amounting to ₹360 Crore. The funds were secured from FMO, the Dutch Entrepreneurial Development Bank, on May 20, 2026.The NCDs are listed on BSE Limited and carry a tenure of five years. MAS Financial stated that the capital raised through this issuance is specifically designated for allocating funds towards promoting financial inclusion, targeting women-owned or women-led SMEs, youth-owned or youth-led SMEs, and/or Rural SMEs.
Commenting on the transaction, Mr. Kamlesh Gandhi, Founder, Chairman & Managing Director of MAS Financial Services Limited, welcomed the debt investment. He noted that the partnership with FMO, which previously engaged with the company following an equity investment in 2008, reinforces trust in MAS Financial’s vision.
Mr. Gandhi stated that the investment strengthens the commitment of the company to serving the financial needs of underserved segments across India and capitalizing on opportunities in the hinterlands. He highlighted that the NCD issuance will diversify the investor base for capital market borrowings and strengthen the liability mix. MAS Financial also mentioned its commitment to sustainable growth of 20%-25%, backed by its robust financials and proven performance over three decades.
Huib-Jan de Ruijter, Co-Chief Investment Officer at FMO, expressed satisfaction at partnering with MAS Financial Services Limited once again. He emphasized the goal of expanding access to finance for underserved segments in India. According to de Ruijter, the investment supports women and youth-led enterprises, as well as rural SMEs, addressing areas where access to capital remains limited but the potential for social and economic impact is significant.
Company Profiles
MAS Financial Services LimitedIncorporated in 1995, MAS Financial Services Limited is an RBI-registered NBFC. The company focuses on financial inclusion by providing a range of loans to middle and lower-income groups. As of March 2026, the company operated 283 branches and managed a consolidated Asset Under Management (AUM) exceeding ₹15,000 Crores.
FMO
FMO is the Dutch Entrepreneurial Development Bank and functions as a leading impact investor. The institution supports sustainable private sector growth in developing countries and emerging markets. FMO’s focus sectors include Agribusiness, Food & Forestry, Energy, and Financial Institutions. FMO maintains a total committed portfolio of EUR ~15 billion, spanning over 85 countries.
MASFIN Stock Price Movement
On Friday, MAS Financial Services Limited shares edged higher, closing at ₹307.8, putting the stock up 0.65% for the session. The listing saw robust investor participation, trading on a volume of 99,255 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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