Motilal Oswal Fin Serv surges on share buyback plan
The board of the company is schedule to meet on April 27 to consider the share buyback proposal.
Motilal Oswal Financial Services has surged 11% to Rs 91.20 on NSE after the broking firm announces its plan to buyback shares of the company.
“The board of directors of the company schedule to meet on Saturday, April 27 to consider the proposal to buyback the fully-paid up equity shares of the company, subject to Shareholders' approval,” the Mumbai-based broking firm said in a filing.
Along with buyback, the board will also declare the annual result for 2012-13 and declare final dividend, if any, it added.
Currently, the promoters held 70.29% stake in the company.
The stock opened at Rs 96 and has seen a combined 37,162 shares changing hands on the counter till 0957 hours on NSE and BSE.
“The board of directors of the company schedule to meet on Saturday, April 27 to consider the proposal to buyback the fully-paid up equity shares of the company, subject to Shareholders' approval,” the Mumbai-based broking firm said in a filing.
Along with buyback, the board will also declare the annual result for 2012-13 and declare final dividend, if any, it added.
Currently, the promoters held 70.29% stake in the company.
The stock opened at Rs 96 and has seen a combined 37,162 shares changing hands on the counter till 0957 hours on NSE and BSE.