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Yesterday, Motilal Oswal Financial had a plan to distribute buyback shares amounting to Rs 160 crore. The Board of Directors of the Company has given approval in a board meeting for buyback shares of Rs Rs 1100 per share price for an aggregate amount not more than Rs 160 crore. This Motilal Oswal Financial Services share buyback represents 0.98 per cent of the total paid-up capital of the Company or 14,54,545 shares.
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According to the statement of the Company, “In furtherance to our letter dated April 28, 2022, and in terms of Reg. 30 of the SEBI (LODR) Reg., 2015, as amended from time to time (the “Listing Regulations”), we wish to inform the Exchange that the Board of Directors of the Company at its meeting held today has approved the following decisions: Buyback of Shares? Buyback of fully paid-up Equity Shares of the 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 per cent of the total paid-up equity share capital of the Company as on March 31, 2022) for Rs 1,100 (Indian Rupees One Thousand One Hundred only) per Equity Share payable in cash for an aggregate amount not exceeding Rs 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. We request you to take the above information on record.”
Today, Motilal Oswal’s share price is around Rs 850 per share. After a 52-week low of Rs 125, the share rise high in the 52-week of Rs 1188. In 2022, the financial stock has been consolidated and shed more than 7 per cent in the year to date.
