Motilal Oswal Financial Services has surged 15% to Rs 205 on back of heavy volumes after the company announced closure of buyback offer.
The company has bought back 7.07 million equity shares of Re 1 each fully paid (i.e. 94.3% of the maximum buyback offer shares) up to June 6, 2014, proposed under the buyback offer, Motilal Oswal Financial Services said in a statement.
Consequent to the aforesaid buyback, the buyback is scheduled to close after trading hours on June 9, 2014, it added.
Mumbai-based broking firm had proposed to buyback a maximum 7.5 million shares at a price not exceeding Rs 90 per share in cash from open market through the stock exchange mechanism.
The stock opened at Rs 185 and touched a 52-week high of Rs 210 on BSE. As many as a combined around 80,000 shares already changed hands on the counter against an average sub 40,000 shares that were traded daily in past two weeks on BSE and NSE.
The company has bought back 7.07 million equity shares of Re 1 each fully paid (i.e. 94.3% of the maximum buyback offer shares) up to June 6, 2014, proposed under the buyback offer, Motilal Oswal Financial Services said in a statement.
Consequent to the aforesaid buyback, the buyback is scheduled to close after trading hours on June 9, 2014, it added.
Mumbai-based broking firm had proposed to buyback a maximum 7.5 million shares at a price not exceeding Rs 90 per share in cash from open market through the stock exchange mechanism.
The stock opened at Rs 185 and touched a 52-week high of Rs 210 on BSE. As many as a combined around 80,000 shares already changed hands on the counter against an average sub 40,000 shares that were traded daily in past two weeks on BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%