Motilal Oswal Financial Services announces buyback of shares worth ₹160 crore
Premium- Motilal Oswal Financial Services share buyback represents 0.98 per cent of total paid-up capital of the company or 14,54,545 shares
Motilal Oswal Financial Services Limited announced on Tuesday about buyback of shares amounting to ₹160 crore. The financial company informed about the decision in exchange communication that Board of Directors of the company has approved buyback of shares at ₹1100 per share price for an aggregate amount not exceeding ₹160 crore. This Motilal Oswal Financial Services share buyback represents 0.98 per cent of total paid-up capital of the company or 14,54,545 shares.
Motilal Oswal Financial Services Limited informed about the decision in exchange filing citing, "In furtherance to our letter dated April 28, 2022 and in terms of Reg. 30 of the SEBI (LODR) Reg., 2015, as amended from time to time (the "Listing Regulations"), we wish to inform the Exchange that the Board of Directors of the Company at its meeting held today has, approved the following decisions: Buy-back of Shares ? Buy-back of fully paid up Equity Shares of face value of INR 1 (Indian Rupee One only) each not exceeding 14,54,545 (Fourteen Lakh Fifty Four Thousand Five Hundred and Forty Five) Equity Shares (representing 0.98% of the total paid-up equity share capital of the Company as on March 31, 2022) at a price of INR 1,100 (Indian Rupees One Thousand One Hundred only) per Equity Share payable in cash for an aggregate amount not exceeding INR 160,00,00,000 (Indian Rupees One Hundred and Sixty Crores only), excluding tax payable under Income Tax Act, 1961 and any expenses incurred or to be incurred for the Buy-back. We request you to take the above information on record."
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Motilal Oswal share price today is quoting at around ₹850 per equity share, just ₹125 away from its 52-week low. The 52-week high of Motilal Oswal share is 1188. The financial stock has been under consolidation phase after ushering into the new year 2022. It has shed more than 7 per cent in YTD time or in 2022.