Motilal Oswal Financial Services today said its board has given approval for raising up to Rs 1,000 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.
According to a regulatory filing, in a meeting held today, the board considered and approved “raising funds via issue and listing of non-convertible debentures on a private placement basis, within the overall limits of Rs 1,000 crore, subject to the approval of the members”.
Moreover, the company also announced its earnings for the last quarter of 2015-16 fiscal.
Motilal Oswal reported a 9.8 per cent rise in net profit to Rs 47.17 crore for the March quarter as against Rs 42.96 crore in the same period last fiscal.
Total income during January-March grew to Rs 302.88 crore as against Rs 239.59 crore.
For the full fiscal, net profit surged 17.8 per cent to Rs 169.09 crore compared with Rs 143.59 crore a year ago.
While, total income increased to Rs 1,054.90 crore during the fiscal as against Rs 768.96 crore.
During the quarter, second interim dividend of Rs 1.5 per share was also approved by the board of the company, it said.
“The total interim dividend declared and paid during the financial year 2015-16 is Rs 3.5 per equity share,” it added.