Motilal Oswal Fin acquires 2.45 cr shares in arm for Rs 28 cr

By: | Published: August 30, 2016 9:24 PM

"The company has been allotted 2,45,39,907 equity shares of AFHCL, under right issue on August 30, 2016 thereby leading to change in holding of 2.82 per cent in share capital of AHFCL," it said in a regulatory filing.

Moti-Site-LThe total holding of the company in AHFCL is 15.32 per cent as on date, it said. Motilal Oswal Financial acquired the additional shares in AHFCL in a cash consideration with the cost of acquisition at Rs 11.41 per share. (motilaloswal.com)

Motilal Oswal Financial Services today said it has acquired over 2.45 crore shares in subsidiary firm Aspire Home Finance Corporation (AHFCL) for about Rs 28 crore.

“The company has been allotted 2,45,39,907 equity shares of AFHCL, under right issue on August 30, 2016 thereby leading to change in holding of 2.82 per cent in share capital of AHFCL,” it said in a regulatory filing.

The total holding of the company in AHFCL is 15.32 per cent as on date, it said. Motilal Oswal Financial acquired the additional shares in AHFCL in a cash consideration with the cost of acquisition at Rs 11.41 per share.

It said the objective of the acquisition was “investment in housing finance thereby acquiring the stake in the entity.” AHFCL, a housing finance company, has a net worth of Rs 464.07 crore as on June 30, 2016.

The company mainly caters to the housing needs of the lower and middle income families. The firm disbursed Rs 1,818.36 crore to 17,904 customers in 2015-16.

Registering a net profit of Rs 40 crore in the last fiscal, its loan book stood at Rs 2,087.74 crore.

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