Motilal Oswal Financial Services Limited announced on Tuesday a share buyback in the amount of ₹160 crore. The financial company informed of the decision in the exchange communication that the board of directors of the company has approved the repurchase of shares to ₹1100 per share for a total amount not exceeding ₹160 crores. This buyback of Motilal Oswal Financial Services shares represents 0.98% of the total paid-up capital of the company, ie 14,54,545 shares.
Motilal Oswal Financial Services Limited advised of the decision in the exchange filing citing, “Following our letter dated 28th April 2022 and pursuant to Regulation 30 of SEBI Regulation (LODR), 2015, as amended from time to time (the “Listing Rules”), we inform the Stock Exchange that the Board of Directors of the Company, at its meeting held today, approved the following decisions: Redemption of Shares? Redemption of Capital Shares entirely paid-up value of INR 1 (one Indian rupee 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 share capital of the company at March 31, 2022) at a price of INR 1,100 (one thousand and one hundred Indian rupees only) per Equity Share payable in cash for an aggregate amount not to exceed INR 160,000,000 (Indian rupees one hundred and sixty crores only), excluding tax payable under the law of i 1961 income tax and all expenses incurred or to be incurred for the Redemption. We ask that you record the above information.”
Motilal Oswal’s share price today stands at approximately ₹850 per share, fair ₹125 away from its 52-week low. The 52-week high for Motilal Oswal stock is at 1188. The financial stock is in a consolidation phase after the start of the new year 2022. It is down more than 7% since the beginning of the year or in 2022 .