Latest News
-
Mandatory Testing for Indian Spices Destined for Singapore, Hong Kong After Ban -
TRAI Advocates for Enhanced Telecom Infrastructure Sharing Among Licensees -
LTIMindtree Reports Slight Q4 Profit Dip, Optimistic About Upcoming Growth -
Axis Bank Announces Q4 Net Profit at Rs 7,599 Crore Amid Deposit Accretion Worries -
hBits Expands to Pune with CyberCity Magarpatta Acquisition, Eyes Investment Opportunities -
India's First Green Hydrogen Pilot Project Goes Live at Nathpa Jhakri -
DCB Bank Q4 Results: PAT Grew 9% To Rs 156 Cr, NII Jumps 4.5%; Dividend Declared -
RBI Halts New Customer Onboarding at Kotak Mahindra Bank Over IT Compliance -
Macrotech Developers' Annual Profit Triples Despite Q4 Dip -
DoT Engages TRAI for Equitable Satcom Spectrum Allocation Guidelines
Motilal Oswal Board Approves Share Buyback Worth Rs 150 Crore
On Saturday, Motilal Oswal Financial Services' board approved the plan to buy back shares worth up to Rs 150 crore. Promoters of the broking firm would not participate in the issue, the company said.
The decision follows similar announcements made by companies like Emami and Sun Pharma this week.
Motilal Oswal Financial said that the maximum buyback 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 as at 31 March 2019.
The company would be purchasing over 23.07 lakh shares, representing 1.56 percent of the existing paid-up capital at a price not more than Rs 650 per share.
"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," said Motilal Oswal, MD & CEO of Motilal Oswal Financial Services.
