BALTIMORE - MNC Financial Inc. said it had completed the sale to NationsBank Corp. of $200 million in newly issued securities equivalent to common stock.

The securities, convertible into about 17 million MNC common shares, provide an effective purchase price of $11.75 a share.

MNC, which has 87.3 million shares outstanding, said it would use most of the proceeds to improve the capital ratios of subsidiaries.

Under an option agreement NationsBank may elect to acquire MNC on or before Sept. 30, 1997. In no event, however, would the purchase price be less than $14 a share if the merger occurred before Sept. 30, 1995, nor less than $15 if it came later.

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