Motilal Oswal Financial Services on Tuesday informed NSE that the Motilal Oswal Family Trust has acquired 50% stake i.e. 57,79,600 Equity shares of Passionate Investment Management Private Limited (PIMPL).
PIMPL is a holding company of Motilal Oswal Financial Services. PIMPL is a promoter in Motilal Oswal Financial and holds about 58.10% stake in the company.
The trust acquired stakes from Motilal Oswal, Managing Director & Chief Executive Officer and Promoter of Motilal Oswal Financial by way of gift.
Motilal Oswal Financial Services said, "The Transfer by the Transferor is only an internal reorganization of the shareholding of the Target Company within the Motilal Oswal Family for the purpose of a private family arrangement for the benefit of the members of Motilal Oswal Family through this Private Family Trust."
Further, the NBFC added that there is no change in control of PIMPL and the Target Company and the Transferor will continue to exercise control over PIMPL and Target Company through the Acquirer Trust.