Motilal Oswal Financial surges on heavy volumes
The stock has rallied 15% to Rs 205 on the Bombay Stock Exchange.
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.