Stock Report

Motilal Oswal Financial Services board approves buy-back at Rs. 1100 per share

Posted On : 2022-05-17 19:28:35( TIMEZONE : IST )

The Board of Directors of Motilal Oswal Financial Services Limited ("the Company") at its meeting held today i.e. May 17, 2022 (the "Board Meeting") has, approved the Buy-back of fully paid up Equity Shares of face value of INR 1 (Indian Rupee One only) each not exceeding 14,54,545 (Fourteen Lakh Fifty Four Thousand Five Hundred and Forty Five) Equity Shares (representing 0.98% of the total paid-up equity share capital of the Company as on March 31, 2022) at a price of INR 1,100 (Indian Rupees One Thousand One Hundred only) per Equity Share payable in cash for an aggregate amount not exceeding INR 160,00,00,000 (Indian Rupees One Hundred and Sixty Crores only), excluding tax payable under Income Tax Act, 1961 and any expenses incurred or to be incurred for the Buy-back viz. brokerage costs, fees, turnover charges, taxes such as tax on Buy-back, securities transaction tax and goods and services tax (if any), stamp duty, printing and dispatch expenses, if any, filing fees to SEBI, stock exchange charges, advisor/legal fees, public announcement publication expenses and other incidental and related expenses and charges ("Transaction Costs") (such maximum amount hereinafter referred to as the "Buy-back Offer Size") which represents 5.09% and 4.11% of the fully paid-up Equity Share capital and free reserves as at March 31, 2022, being latest audited financial statements, on standalone and consolidated basis respectively, on a proportionate basis from the shareholders of the Company, through the "Tender Offer" route using mechanism for acquisition of shares through stock exchange as prescribed under Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended from time to time (the "Buy-back Regulations") and the Companies Act, 2013 and rules made thereunder (the "Act").

The Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buy-back.

The Company has fixed Friday, May 27, 2022, as the Record Date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the aforesaid Buy-back.

Shares of Motilal Oswal Financial Services Limited was last trading in BSE at Rs. 851.00 as compared to the previous close of Rs. 822.50. The total number of shares traded during the day was 5780 in over 526 trades.

The stock hit an intraday high of Rs. 853.90 and intraday low of 829.05. The net turnover during the day was Rs. 4850812.00.