October 6, 2017 - October 10, 2017

MAS Financial IPO Basis of Allotment

This is a public announcement for iiformation purposes only and is not a prospectus announcement. This does not constitute an invitation or offer to acquire, purchase or subscribe for securities.Not for iease, publication or distribution directly or indirectly outside India.

MAS FINANCIAL SERVICES LIMITED

Our Company was incorporated as 'MAS Financial Services Limited',, a public limited company under the Companies Ad, 1956, with a certificate of incorporation issued by the Assistant Registrar of Companies, Gujarat (Dadra & Nagar Haveli) on May 25,1995 at Ahmadabad. Our Company received a certificate for commencement of business on May 29,1995 from the Assistant Registrar of Companies, Gujarat (Dadra & Nagar Haveli).

Registered and Corporate Office; 6 Narayan Chambers Ground Floor. Behind Patang Hotel, Ashram Road, Ahmedabad 380 009, Gujarat, India; Telephone; +91 79 3001 6500; Facsimile; +91 79 3001 6597; Contact Person: Nirav Prakashchandra Patel, Company Secretary and Compliance Officer;Telephone: + 91 793001 6638, Facsimile: +91 793001 6561. E-mail: secretarial@mas.co.in Website:www.mas.co.in; www.mas.co.in; Corporate Identity Number: U65910GJ1995PLC026064

PROMOTERS OF OUR COMPANY: KAMLESH CHIMANLAL GANDHI MUKESH CHIMANLAL GANDHI, SHWETA KAMLESH GANDHI AND PRARTHNA MARKETING PRIVATE LIMITED

BASIS OF ALLOTMENT

The Equity Shares are proposed to be listed on the BSE Limited ('BSE') and the National Stock Exchange of India Limited ('NSE') and the trading will commence on October 18,2017.

INITIAL PUBLIC OFFERING OF 10,039,277 EQUITY SHARES OF FACE VALUE OF RS 10 EACH ('EQUITY SHARES') OF MAS FINANCIAL SERVICES LIMITED (OUR 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS 459 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS 449' PER EQUITY SHARE (THE 'OFFER PRICE'), AGGREGATING TO RS 4,600,42 MILLION (THE 'OFFER') COMPRISING OF A FRESH ISSUE OF 5,092,829 EQUITY SHARES BY OUR COMPANY AGGREGATING TO RS 2.330 MILLION (THE 'FRESH ISSUE') AND AN OFFER FOR SALE OF 2,454.532 EQUITY SHARES AGGREGATING TO RS 2,270.42 MILLION BY THE SELLING SHAREHOLDERS, COMPRISING AN OFFER FOR SALE OF 2,454,532 EQUITY SHARES AGGREGATING TO RS 1,126.63 MILLION BY DEG - DEUTSCHE INVESTITIONS - UND ENTWICKLUNGSGESELLSCHAFT MBH ('DEG'), AN OFFER FOR SALE OF 1,728,496 EQUITY SHARES AGGREGATING TO RS 793.38 MILLION BY NEDERLANDSE FINANCIERINGS - MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N. V. ('FMO') AND AN OFFER FOR SALE OF 763,420 EQUITY SHARES AGGREGATING TO RS 350.41 MILLION BY SARVA CAPITAL LLC ('SARVA CAPITAL1', AND TOGETHER WITH DEG AND FMO, THE 'SELLING SHAREHOLDERS') ('OFFER FOR SALE'), THE OFFER INCLUDES A RESERVATION OF 169.082 EQUITY SHARES AGGREGATING TO RS 70 MILLION FOR ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION'), THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS REFERRED TO AS THE 'NET OFFER'. THE OFFER AND THE NET OFFER SHALL CONSTITUTE 18.37 % AND 18.06 % OF THE POST-OFFER PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY, RESPECTIVELY.

Our Company has, in consultation with the BRLM, undertaken a private placement of 3,990,422 Equity Shares for cash consideration aggregating to Rs 1,350.00 million ('Pre-IPO Placement'), The size of the Fresh Issue, as disclosed in the Draft Red Herring Prospectus, has been reduced accordingly. See 'Capital Structure' on page 76 of the Prospectus for details of the Pre-lPO Placement.
* A discount of Rs 45 was offered by our Company and the Selling Shareholders, in consultation with the BRLM to Eligible Employees Bidding in the Employee Reservation Portion.

THE OFFER PRICE : RS 459 PER EQUITY SHARE OF FACE VALUE OF RS 10 EACH
THE OFFER PRICE IS 45.9 TIMES OF THE FACE VALUE OF THE EQUITY SHARES

Risks to Investors:

i. The BRLM associated with the Offer has handled 10 public issues in the past three years out of which 3 issues closed below the issue price on listing date.

ii. Average cost of acquisition of Equity Shares for Promoters namely Kamlesh Chimanlal Gandhi, Mukesh Chimanlal Gandhi , Shweta Kamlesh Gandhi, Prarthna Marketing Private Limited is Rs 106, Rs 1.38, Rs 1.09, Rs 2.38 respectively and for the Selling Share holders namely DEG, FMO and Sarva Capital is Rs 263.04, Rs 124.93 and Rs 322.71 and Offer Price at upper end of the Price Band is Rs 459.

iii. Price Earning (P/E) Ratio based on the Diluted EPS for the year ended March 31.2017 on a standalone basis is 30.24 x at the lower end of the Price Band and 30.44x at the higher end of the Price Band.

iv.Our Company has allotted an aggregate 3,990,422 Equity Shares, through the Pre-lPO Placement to (i) Motilal Oswal Financial Services Limited ('MOFSL') and Motilal Oswal Securities Limited ('MOSL') at a price of Rs 338.31 per Equity Share. However, the price at the lower end of the price band is Rs 456.

BID/OFFER PROGRAMME:
BID/OFFER OPENED ON FRIDAY, OCTOBER 06.2017
BID/OFFER CLOSED ON TUESDAY, OCTOBER 10, 2017

Tie Offer has been made in terms of Rule 19(2)(b)(iii) of the SCRR, thraugh the Book Buiding Process in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulation 2009. as amended (the'SEBIICDR Regulations'), wherein not more than 50% of the Net Offer was made available for allocation on a proportionate basis to Qualified Institutional Buyers ('(QIBs'). Our Company and the Selling Shareholders in consultation with the BRLM allocated 60% of the QIB Portion to Anchor Investors at the Anchor Investor Allocation Price, on a discretionary basis, out of which at least one-third was reserved for domestic Mutual Funds. subject to valid Bids being receives from domestic Mutual Funds at or above the Anchor Investor Allocate Price- In the event of undersubscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Such number of Equity Shares representing 5% of the Net QIB Portion (other than Anchor Investor Portion) were available for allocation on a preportionate basis to Mutual Fund only. The remainder'of the Net QIB Portion was available for allocation on a proportionate basis to QIBs (other than Anchor investors), including Mutual Funds., subject to valid Bids being received from them at or above the Offer Price. Further not leas than 15% of the Net Offer was available for allocation on a proportionate basis to Non Institutional Bidders and. not less than 35% of the Net Offer was available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price such that, subject to availability of Equity Shares, each Retail Individual Bidder shall be Allotted not less than the minimum Bid Lot. and the remaining Equity Snares. if available, shall be allotted to s Retail Individual Bidders on a proportionate basis. Further, 169,082 Equity Shares aggregating up to Rs 70 milion were offered for allocation and Allotment on a proportionate basis to the Eligible Employees Bidding in the Employee Reservation Portion, conditional upon valid Bids being received from them at or above the Offer Price. All Bidders, other than Anchor Investors, participated in the Offer mandatorily through the Applications Supported by Blocked Amount ('ASBA') process by providing thedetais of their respective bank accounts in which the corresponding Bid Amount were blocked by the SCSBs Anchor Investors were not permitted to participate in the Offer through the ASBA process For details, see 'Offer Procedure' on page 431 of the Prospectus.
The Issue was subscribed to the extent of 129.24 times, (excluding Anchor Investor Portion and after removing multiple and duplicate bids) as per the bid books of NSE and BSE (the 'Bid Files'). After removing multiple and duplicate bids and technical rejections cases from the' Bid Book', the issue was subscribed 128 59 times.

Sr. No.	Category	No. of Applications	No of Equity Shares	Shares Received	No. of times Subscribed	Amount (Rs)
A	Retail Individual Bidders	1,444.196	53.266,880	3,454,569	15.4193	24,464,016,546.00
B	Non Institutional Bidders	1,359	563,817,120	1.480,530	380.8211	258.792,048,579.00
C	Qualifies Institutional Bidders (Excluding Anchors)	134	294,712,032	1.974.039	149.2939	135,272,822.688.00
D	Anchor Investors	21	3486240	2,961,057	1.1774	1,600,184,160.00
E	Eligible Employees	2.286	401,760	169.082	23761	166,984,512.00
	Total	1,447,996	915,684,032	10,039,277	91.2102	420,296,056,485.00

Final Demand

A summary of the final demand as per the BSE and the NSE as on the Bid/offer Closing Date at different Bid prices is as under:

SLNO	BID PRICE (Rs)	BIDS QUANTITY	(%) TO TOTAL	Cumulative Total	% Cumulative Total
1	456	145,824	0,02	145,824	0.02
2	457	98,368	0.01	244,192	0.03
3	458	106,752	0.01	350,944	0.04
4	459	867,178,016	94.76	867,528,960	94.80
	CUT OFF	47,611,006	5.20	915.139.968	100.00
	TOTAL	915,139.968	100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on October 14,2017.

A. Allotment to Retail Individual Investors (After Technical Rejections) (including ASBA Applications): The Base of Allotment to the Retail Individual Investor, who have Bid at Cut-off Price or at the Offer Price of Rs 459 per Eojuily Share was finalized in consultation with NSE. The category has been subscribed to the extent of 15.1321 times The total number of Equity Shares Allotted in this category is 3.454,569 Equity Shares to 107,955 successful applicants.The category-wise details of the Basis of Allotment are as under:

Category	No. of Applications Received	% of Total	Total No of Equity Shares applied	% to Total	No. of Equity Shares Allotted per Applicant	Ratio	Total No. of Equity Shares. Allotted
32	1.355,755	95.56	43.384,160	82.99	32	7:92	3.301.184
64	29,532	2.08	1.890.048	3.62	32	7:92	71,904
96	10.448	0.74	1,003,008	1.92	32	7:92	25,440
128	4,712	0.33	603,136	1,15	32	7:92	11,488
160	3,648	0.26	583,680	1.12	32	7:92	8,896
192	2,372	0.17	455 424	0.87	32	7:92	5,760
224	2.009	0.14	450,016	0.86	32	7:92	4.896
256	829	0.06	212,224	0.41	32	7:92	2,016
288	390	0.03	112,320	0.21	32	7:92	960
320	1,551	0.11	496 320	0.95	32	7:92	3,776
352	303	0.02	106,656	0.20	32	7:92	736
384	473	0.03	181.632	0.35	32	7:92	1,152
416	6,722	0.47	2,796,352	5.36	32	7:92	16,362
1 additional share is allotted from Serial no 2 to 13 in the ratio of 9:4793					1	9:4793	9
TOTAL	1.418,744	100.00	52,274,976	100.00			3,454,569

B. Allotment to Non Institutional Investors (After Technical Rejections) (Including ASBA Applications): The Basis of Allotment to the Non-Institutional Investors, who have Bid at the offer Price of Rs 459 per Equity Share, was finalized in consultation with the NSE. This category has been subscribed to the extent of 350.1994 times. The total number of Equity Shares Allotted in this category is 1.480,530 Equity Shares to 31 successful applicants.
The category-wise details of the Basis of Allotment are as under; (Sample)

Category	No. of Applications Received	% of Total	Total No. of Equity Shares applied	% to Total	No. of Equity Shares Allotted per Applicant	Ratio	Total No. of Equity Shares Allotted
448	280	21.13	125,440	0.02	32	1:28	320
480	74	5,58	35,520	0.01	32	3:74	96
512	11	0.83	5,632	0.00	32	1:11	32
1.024	10	075	10.240	0.00	32	1:10	32
1,504	3	0,23	4,512	0.00	32	1:3	32
2,016	5	0.38	10,080	0.00	32	1:5	32
2,560	4	0.30	10,240	0.00	32	1:4	32
3,040	1	3.08	3,040	0.00	32	1:1	32
3,200	7	0.53	22,400	0.00	32	2:7	64
3,488	1	0.08	3,488	0.00	32	1:1	32
4,000	4	0.30	16,000	0.00	32	1:4	32
4,448	1	0.08	4,448	0.00	32	1:1	32
5,440	11	0.83	59,840	0.01	32	5:11	160
10.880	13	0.98	141.440	0.03	32	11:13	352
220,000	1	0.08	220,000	0.04	579	1:1	579
4,347,776	1	0.08	4,347,776	0.77	11,424	1:1	11,424
7,061,408	7	0.53	49,429,856	8.78	18.553	1:1	129,871
Total	1,325	100	562,896,608	100			1,480,530

C. Altotment to QIBs (After Technical Rejections): The Basis of Allotment to QIBs who have Bid at the Offer Price of Rs 459 per Equity Share has been done on a proportionate basis in consultation with the NSE. This category has been subscribed to the extent of 149.29 times of the QIB Portion. As per the SEBI ICDR Regulations, Mutual Funds were Allocated 5% of the Equity Shares of the Net QIB Portion available i.e. 96,702 Equity Shares and other QIBs. including Mutual Funds were Allocated the remaining available 1,875,337 Equity Shares comprising the Net QIB Portion on proportionate basis. The total number of Equity Shares allotted in the Net QIB Portion is 1.974.039 Equity Shares. which were allotted to 134 successful Applicants. The category-wise details of the Basis of Allotment are as under:

CATEGORY	FIS/BANKS	MF'S	IC'S	VC'S	AIF	FPI	TOTAL
ALLOTMENT	604.284	287,098	55,317	-	495,979	531,361	1,974,039

D. Allotment to Anchor Investors

CATEGORY	FIS/BANKS	MF'S	IC'S	VC'S	AIF	FPI	TOTAL
ALLOTMENT	-	1,862,750	196,079	-	-	902,228	2,961,057

The Company in consultation with the BRLM has Allocated 2,961.057 Equirty Shares to 15 Anchor investors through 21 Applications at the Anchor Investor Offer Price of Rs 459 per Equity Shares in accordance with the SEBI Regulations. This represents 60% of the QIB Portion.
E. Allotment to Eligible Employees (After Technical Rejections). The Bass oF Allotment to the Eligible Empoyees, who have Bid at the Offer Price of Rs 459 per Equity Share, was finalized consultation with the NSE, This Employee Reservation Portion has been subscribed to the extent of 1,4133 times The total number oF Equity Shares Allotted in this category is 169,082 Equity Shares to 668 successful Eligible Employees.
The category-wise details of the Basis of Allotment are as under:

Category	No of Applications Received	% of Total	Total No. of Equity Shares applied	% to Total	No, of Equity Shares Allotted per Applicant	Ratio	Total No. of Equity Shares Allotted
32	55	8.08	1,760	0.73	32	42:55	1,344
64	31	4.55	1.984	0.83	45	1:1	1.395
96	16	2.35	1,536	0.64	68	1:1	1,088
128	20	2.94	2,560	1,07	90	1:1	1,800
160	20	2.94	3,200	1.33	113	1:1	2.260
192	16	2.35	3,072	1.28	135	1:1	2,160
224	15	2.20	3,360	1.40	158	1:1	2,370
256	28	4.11	7,168	2.99	181	1:1	5,068
288	21	3.08	6,048	2.52	203	1:1	4,263
320	25	3.67	8,000	3.34	226	1:1	5,650
352	25	3.67	8,800	3.67	248	1:1	6.200
384	25	3.67	9,600	4.00	271	1:1	6,775
416	14	2.06	5,824	2.43	293	1:1	4,102
448	22	3.23	9,856	4.11	316	1:1	6,952
480	66	9.69	31,680	13.21	338	1:1	22,308
512	35	5.14	16.800	7.01	338	1:1	11,830
544	11	1.62	5,280	2.20	338	1:1	3.718
576	23	3.38	11,040	4.60	338	1:1	7,774
608	21	3.08	10,080	4.20	338	1:1	7,098
640	8	1.17	3,840	1.60	338	1:1	2,704
672	6	0.88	2,880	1.20	339	1:1	2,034
704	17	2.50	8,160	3.40	338	1:1	5.746
736	16	2.35	7,680	3.20	338	1:1	5,408
768	6	0.88	2,880	1.20	339	1:1	2,034
800	6	0.88	2,880	1.20	339	1:1	2,034
832	53	7.78	25,440	10.61	338	1:1	17,914
864	27	3.96	12,960	5.40	338	1:1	9,126
896	2	0.29	960	0.40	339	1:1	678
928	2	0.29	960	0.40	339	1:1	678
960	8	1.17	3,840	1.60	338	1:1	2,704
1,024	1	0.15	480	0.20	338	1:1	338
1,056	1	0.15	480	0.20	338	1:1	338
1,088	4	0.59	1,920	0.80	339	1:1	1,356
1,120	3	0.44	1,440	0.60	338	1:1	1,014
1,184	32	4.70	15.360	6.41	338	1:1	10,816
1,184	1 additional share is allatted in the ratio of 5:32				1	5:32	5
Total	681	100.00	239,808	100.00			169,082

The Board of Directors of the Company at its meeting' held on October 16.2017. has approved the Basis of Allotment of the Equity Share approved by the Designated Stock Exchange, being NSE and Allotted the Equity Shares to various successful Bidders.
The Allotment Advice -cum-fefund Intimations are being dispatched to the address of the investors as registered with the depositories. Further, instructions to the Self Certified Syndicate Banks for unblocking of funds and transfer to the Public Offer Account, as applicable have been issued on October 14.2017. The Equity Shares Allotted to the successful Applicants have been credited on October 16, 2017 to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the unblocking of funds or credit of shares is not reserved within ten days, investors may contact the Registrar to the Offer at the address given below Our Company is taking steps for completion of the necessary formalities to get the Equity Shares admitted for trading on the BSE and the NSE within six Working Days from the Bid/Offer Closing Date.
Note. All capitalized terms used and not defined herein shell have the respective meanings assigned to them in the Prospectus.

INVESTORS PLEASE NOTE

These details of the Allotment made shall be hosted on the website of Registrar to the Offer Link Intime India Private Limited at www.linkintime.co.in
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First1/ Sole applicant. Serial number of the ASBA form, number of Equity Shares bid for. name of the Member of the Syndicate. place where the bid was submitted and payment details at the address given below:

Link Intime India Private Limited
C-101.1st Floor. 247 Park. Lal Bahadur Shastri Marg. Vikhrali West. Mumbai 400 083. Maharashtra. India.
Telephone: +91 22 4918 6200; Facsimile: +91 22 4918 6195: E-mal: mas.ipo@linkintime.co.in:
Investor Grievance E-mail: mas.ipo@linkintime.co.in. Website: www.linkintime.co.in; Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

Place : Ahmedabad Date : October 17,2017	For MAS FINANCIAL SERVICES LIMITED On behalf of the Board of Directors Sd/- Company Secretary and Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF MAS FINANCIAL SERVICES LIMITED.

MAS Financial IPO Basis of Allotment FAQs

The IPO allocation is based on the subscription level and the investor category.

Refer to IPO allotment rules and methods for more details.

See the basis of allotment document above to know how the shares are allocated in MAS Financial IPO .

The MAS Financial IPO basis of allotment (published above) tells you how shares are allocated to you in MAS Financial IPO and category wise demand of IPO share.

Visit the MAS Financial IPO allotment status page to check the number of shares allocated to your application.

In MAS Financial IPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.

For more information, please refer to IPO Allotment Process and Basis of Allotment.

Check the MAS Financial IPO basis of allotment document to know how the shares are allocated in MAS Financial IPO.

MAS Financial IPO Basis of Allotment

MAS Financial IPO Basis of Allotment FAQs

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What is MAS Financial IPO basis of allotment status?

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