Motilal Oswal Financial approves Rs 150 crore share buyback

The board of directors of Motilal Oswal Financial Services approved up to Rs 150 crore worth of share buyback. The date of the proposed buyback offer is April 1, 2020. The company announced that it would buy back shares from the open market at a price not above Rs 650 per share and in this context, released a public announcement for the buyback in major newspapers on March 24, 2020.

The maximum buyback size is equal to 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 its audited statements for the financial year ended March 31, 2019.

The development is followed by similar buybacks by companies like Emami (Rs 194 crore) and Sun Pharma (Rs 1,700 crore) who have rushed to repurchase shares in the falling market. Shares of Motilal Oswal have dropped 42.80 per cent over the last month as compared to 33.68 per cent fall in BSE Sensex.

Motilal Oswal Financial Services Limited is a global, diversified financial services group that offers service such as securities, commodities, investment banking and venture capital.

At 2 pm on Wednesday, the stock was trading at Rs 448.25, down by 2.02 per cent or Rs 9.25 per share. The 52-week high is recorded at Rs 903.50 and the 52-week low is Rs 426 on BSE.