MUMBAI: Diversified financial services company Motilal Oswal Financial Services on Saturday said it has received board approval for buyback of shares of the company up to Rs 150 crore.
The buy back of shares will be from the members of company except promoters, promoter group or the persons in control of the company from the open market through the stock exchanges at Rs 650 per equity share, a company statement said.
"This reiterates our conviction in the country'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," the company's managing director and CEO Motilal Oswal said.
The maximum buy-back size represents 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 standalone and consolidated financial statements as at March 31, 2019, respectively.
The company offerings include capital markets businesses, asset and wealth management, housing finance and equity-based treasury investments.