The Board of Directors (the "Board") of Motilal Oswal Financial Services Limited (the "Company") at its meeting held today i.e. March 21, 2020, has approved the buy-back of the Company's fully paid-up equity shares having a face value of INR 1/- (Indian Rupee One only) each (the "Equity Shares") from the members of the Company (except promoters, promoter group or the persons in control of the Company) from the open market through the stock exchanges in terms of Sections 68, 69, 70 and other applicable provisions, if any, of the Companies Act, 2013 and rules made thereunder and the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended ("Buy-back Regulations") for a total amount not exceeding INR 150,00,00,000/- (Indian Rupees One Hundred and Fifty Crores only) (the "Maximum Buy-back Size") excluding filing fees payable to SEBI, advisors' fees, stock exchange fees, brokerage, transaction charges, applicable taxes such as securities transaction tax, goods and service tax (if any), income tax, stamp duty and other incidental and related expenses public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses, at a price not exceeding INR 650/- (Indian Rupees Six Hundred and Fifty only) per Equity Share (the "Maximum Buy-back Price") from the shareholders of the Company ("Buy-back").
The Maximum Buy-back Size represents 7.51% and 6.64% 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 of the Company as at March 31, 2019 respectively (being the latest available audited financial statements of the Company), which is less than 10% of the total paid-up equity share capital and free reserves of the Company in accordance with the proviso to the Regulation 5(i)(b) of the Buy-back Regulations. The Company shall utilize at least 50% of the Maximum Buy-back Size towards the Buy-back.
The indicative maximum number of Equity Shares proposed to be bought back at the Maximum Buy-back Size and Maximum Buy-back Price under the Buy-back would be 23,07,692 Equity Shares ("Maximum Buy-back Shares") representing 1.56% of the existing paid up capital of the Company and if the Equity Shares are bought back at a price below the Maximum Buy-back Price, the actual number of Equity Shares bought back could exceed the Maximum Buy-back Shares, but will always be subject to the Maximum Buy-back Size.
The Board has delegated powers to Finance Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buy-back.
Shares of MOTILAL OSWAL FINANCIAL SERVICES LTD. was last trading in BSE at Rs.605.55 as compared to the previous close of Rs. 553.15. The total number of shares traded during the day was 9415 in over 1332 trades.
The stock hit an intraday high of Rs. 614.5 and intraday low of 555. The net turnover during the day was Rs. 5502730.