Motilal Oswal approves buy back of shares up to Rs 65 cr

Motilal Oswal Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2013, inter alia, have approved the following:1. Insertion of Article with regard to Buyback of shares and other specified securities in the Articles of Association of the Company, in accordance with the provisions of Section 31 and other applicable provisions of the Companies Act, 1956, the relevant provisions of the Memorandum and Articles of Association of the Company and the listing agreement entered into by the Company with the stock exchanges.2. Buy back of the Company's fully paid-up equity shares of Rs. 1/- each from open market through the Stock Exchange mechanism, in accordance with the provisions contained in the Articles of Association, Section 77A, 77AA, 77B and other applicable provisions of the Companies Act, 1956 and the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations 1998 including any statutory modifications and amendments from time to time for the time being in force for an amount not exceeding Rs. 65 Crores (Rupees Sixty Five Crores only) in cash from the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited, subject to a price not exceeding Rs. 90/- per equity share and subject to a maximum of 75 Lakhs (Seventy Five Lakhs) equity shares and minimum of 18.75 Lakhs (Eighteen Lakhs and Seventy Five Thousands) equity shares, subject to approval of shareholders for insertion of Article with regard to Buyback of Shares.Source : BSE

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