Shares of Motilal Oswal Financial Services surged over 6 percent after the company said its board will on July 27 consider internal restructuring within group entities, including transferring the broking and distribution business to a wholly-owned subsidiary.
Shares of Motilal Oswal Financial Services Ltd (MOFSL) were trading 6.44 percent up at Rs 832.55 on the BSE at 1.20 pm.
In a post-market hour filing on July 25, MOFSL said its Board of Directors at their meeting will “consider internal restructuring within group entities by transferring Broking & Distribution business… into one of the Wholly-Owned Subsidiary of the Company, demerger of wealth business from Motilal Oswal Wealth Limited, Wholly-Owned Subsidiary, into MOFSL and other related matters.”
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The financial services firm is scheduled to announce its results for Q1 FY24 on July 27.
Motilal Oswal had posted a 45 percent YoY drop in consolidated net profit at Rs 165 crore for Q4 FY23.
Shares of the company are up 19 percent on YTD basis, while the 1-year return stands at nearly 5 percent.
As of the quarter ended June 2023, promoters held 69.66 percent stake in the firm.
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