Motilal Oswal Financial Services came out with an Initial Public Offering in order to raise capital that could be used in strengthening the capital base of its’ subsidiary companies like Motilal Oswal Securities Limited and Motilal Oswal Commodity Business. The company decided to sell its’ 2,982,710 equity shares through Initial Public Offering.
Motilal Oswal Financial Services IPO refers to the Initial Public Offering which was scheduled to open on 20th August, 2007 and close on 23rd August, 2007.
The company aimed at raising near about 246 crores of rupees through this initial public offering.
Details of the Initial Public Offering
The company decided to sell its’ 2,982,710 equity shares through this Initial Public Offering. Face Value of each of these equity shares of were Rupees 5. The company fixed the Price Band of its’ equity shares as Rupees 725 to Rupees 825 per shares.
It was decided that, the equity shares would be sold at the price level, determined through a 100% book building process. Motilal Oswal Financial Services appointed Citigroup Global Markets India Private Limited as the BRLM or Book Running Lead Manager for the IPO.
Intime Spectrum Registry was appointed the Registrar for the IPO Deal.
It was declared by the company that out of 2,982,710 equity shares; 142,310 shares would be reserved for the eligible employees of Motilal Oswal Financial Services. So, the company made it clear that, it would sell 2,840,400 equity shares through Net Public Issue. The company also informed that, the Net Public Issue would constitute 10% of post issue paid up capital.
The shares of Motilal Oswal Financial Services were proposed to be listed on BSE(Bombay Stock Exchange and NSE(National Stock Exchange).
Reasons behind the IPO
The company came out with the Initial Public Offering with the aim of raising capital that could be used in strengthening the capital base of the subsidiaries like MOSL(Motilal Oswal Securities Limited) and MOCB(Motilal Oswal Commodity Business). The company thought that with the help of this capital infusion, the subsidiaries would be able to raise their trading volume both in the equity and the commodities market.
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Last Updated on : 30th July 2013