Motilal Oswal to issue shares on Preferential Basis

Motilal Oswal Financial Services Ltd has announced that the Board of Directors of the Company vide Circular Resolution dated July 03, 2009 have, subject to receipt of necessary approvals including the approval of the shareholders to be obtained, at the forthcoming Annual. General Meeting, approved of the issue and allotment of 9,89,066 Equity Shares of Re 1 each on a preferential basis at a price of Rs138.74 (inclusive of Share premium of Rs 137.74 per share) in discharge of the purchase consideration for acquisition of 62,500 equity shares of Rs 10 each of Motilal Oswal Investment Advisors Pvt Ltd (MOIAPL), a subsidiary of the Company, to be acquired from certain employees of MOIAPL in accordance with the Agreement (as amended from time to time) entered, into between the Company, MOIAPL and Mr. Ashutosh Maheshvari, Chief Executive Officer of MOIAPL.

The stock closed on Friday at Rs.151, up by Rs.1.25 or 0.83%. The stock hit an intraday high of Rs.152.80 and low of Rs.146.40.

The total traded quantity was 11082 compared to 2 week average of 85044.

Source : Equity Bulls

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