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.

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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.