INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Board of directors of Motilal Oswal Financial Services on Saturday approved up to Rs 150 crore worth of share buyback
Promoters of the broking firm would not participate in the issue, the company said.
The development followed similar buybacks announced by
companies such as Emami (Rs 194 crore) and Sun Pharma (Rs 1,700 crore), as they rushed to repurchase shares in the falling market
27 per cent in the last one month in line with the Sensex fall
The stock has delivered a negative 16 per cent return in the last three years compared with a 1 per cent rise in the BSE Sensex
The maximum buyback size represents 7.51 per cent and 6.64 per cent 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 as at March 31, 2019, the company said
The indicative maximum number of equity shares proposed to be bought back at the maximum buyback size and maximum buyback price would be
23,07,692 shares, representing 1.56 per cent of the existing paid up capital of the company
said Motilal Oswal, MD - CEO of Motilal Oswal Financial Services