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Last Updated : Mar 22, 2020 02:20 PM IST | Source: Moneycontrol.com

Motilal Oswal board approves Rs 150 crore share buyback plan

The firm will buyback shares at a price not exceeding Rs 650 per share.

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Motilal Oswal Financial Services on March 21 approved the buyback of equity shares worth Rs 150 crore in the wake of COVID-19.

"The board of directors on Saturday approved buy-back of equity shares (face value of Re 1) from the open market through the stock exchanges for a total amount not exceeding Rs 150 crore," the diversified financial company said in its BSE filing.

The firm will buyback shares at a price not exceeding Rs 650 per share.

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"The maximum buy-back size represents 7.51 percent and 6.64 percent of the aggregate of the total paid-up equity share capital and free reserves of the company based on the audited standalone and consolidated financial statements of the company as on March 31, 2019, respectively which is less than 10 percent of the total paid-up equity share capital and free reserves of the company," MOFSL said.

The indicative maximum number of equity shares proposed to be bought back at the maximum buy-back size and maximum buy-back price would amount to 23,07,692 equity shares, it added.

"This reiterates our conviction in India’s equity capital markets and future growth prospects of the company. It also provides an opportunity to return back the capital to our investors, with the surplus liquidity available on our balance sheet," Motilal Oswal, MD & CEO said.

MOFSL offerings include capital markets businesses (retail broking, institutional broking & investment banking), asset & wealth management (asset management, private equity & wealth management), housing finance & equity-based treasury investments.

The stock closed at Rs 605.55 on the BSE, up 9.47 percent on March 20.

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First Published on Mar 22, 2020 02:19 pm
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