Motilal Oswal, Raamdeo Agrawal to donate 5% shares each for charity

Motilal Oswal, Raamdeo Agrawal to donate 5% shares each for charity

Promoters of Motilal Oswal Financial Services, Motilal Oswal and Raamdeo Agrawal, will donate 5 percent equity shares each, aggregating to 10 percent of the company's total equity.

With this announcement, Motilal Oswal and Raamdeo Agrawal have decided to follow Warren Buffett's step. Earlier, Warren Buffett made another annual donation to five foundations, boosting his total charitable giving to more than $50 billion — significantly higher than his entire net worth in 2006 when he first scheduled the grants.

"We hereby inform the exchange that the company has received an expression of interest/intent, from Motilal Oswal and Raamdeo Agrawal, promoters of the company along with their family members, committing to donate 5 percent equity shares by each of them aggregating to 10 percent of total paid-up share capital of the company, towards charitable purposes," the company said in a filing.

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Motilal Oswal and Raamdeo Agrawal will offload close to 74 lakh shares each. The total donations are worth Rs 1,210.24 crore at Thursday's (July 27) closing price.

"It will be our endeavour to spend the entire donation amount in the next 10 years or preferably earlier," a statement from the company read.

“I would like to see that the donation amount is being spent in our own lifetime for designated purposes as the need for the same is maximum now,” said Agrawal said.

“God is very kind to me. I have been a big beneficiary of studying in schools, colleges and hostels built by many great philanthropists. Giving back is a way to express gratitude for many blessings I have received,” Motilal Oswal said.