Motilal Oswal Financial Services Ltd said on Monday its board of directors has approved buy-back of equity shares with a face value of Re 1 from open market for a total amount not exceeding Rs 150 crore.
This will exclude all kinds of transactional and other related costs at a price not exceeding Rs 650 per equity share.
The maximum buy-back size represents 7.51 per cent and 6.64 per cent of aggregate of total paid-up equity share capital and free reserves of the company based on the audited standalone and consolidated financial statements as on March 31, 2019 respectively.
“This reiterates our conviction in India’s equity capital markets and future growth prospects of the company,” said Managing Director and CEO Motilal Oswal.
“It also provides an opportunity to return back the capital to our investors with the surplus liquidity available on our balance sheet,” he said in a statement.
Motilal Oswal Financial Services is a diversified financial services company with offerings like capital market businesses (retail broking, institutional broking and investment banking), asset and wealth management (asset management, private equity and wealth management), housing finance and equity-based treasury investments.
Source: Business-Standard