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  1. Motilal Oswal Financial to raise Rs 1,000 crore

Motilal Oswal Financial to raise Rs 1,000 crore

Motilal Oswal Financial Services today said that it plans to raise Rs 1,000 crore on a private placement basis.

By: | New Delhi | Published: June 28, 2016 7:43 PM
The company also said it would be in need of additional funds. (Reuters) The company also said it would be in need of additional funds. (Reuters)

Motilal Oswal Financial Services today said that it plans to raise Rs 1,000 crore on a private placement basis.

It will seek shareholders’ approval to raise the capital at its annual general meeting to be held on July 21.

The company said in a regulatory filing that it plans to “…offer or invite subscription to secured/unsecured redeemable non-convertible debentures, bonds and/or other debt securities on private placement basis during a period of one year from passing of the special resolution by members (shareholders), within the overall limits up to Rs 1,000 crore.”

Also Read: Max Financial Services, Max Life, HDFC Life tango: Why Motilal Oswal gave thumbs up

The company also said it would be in need of additional funds.

“And accordingly, the Board of Directors proposes to offer and make an invitation to subscribers for non-convertible debentures on a private placement basis,” it said in the filing.

Approval of members, by way of special resolution, is being sought to issue NCDs up to Rs 1,000 crore, it added.

The company said it is open to raise the amount in one or more series or tranches.

It will also seek shareholders’ approval to confirm the interim dividend of Rs 2 per equity share and second interim dividend of Rs 15 per share to equity shareholders for 2015-16.

Stock of the company ended 1.89 per cent up at Rs 329.60 on BSE.

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