Motilal Oswal sets price band for IPO

Mumbai, Aug 13: Mumbai-based Motilal Oswal Financial Services Limited (MOSL), a leading stock broking company engaged in offering various financial services, today announced offering of 10.5 per cent of its equity to the public through an initial public offering (IPO).

Addressing a press conference here, MOSL Chairman and Managing Director Motilal Oswal said the company would be offering around 30 lakh shares with a face value of Rs five each at the price band of Rs 725-825 per share. The company expects to raise about Rs 210-250 crore from the offer.

The MOSL would spend the proceeds of the IPO to enhance its distribution network from 377 cities and 1200 locations across the country. Besides, it is eying acquisitions of other financial services.

The MOSL, which is a leader in the retail broking business, would also keep aside a good number of fund for its margin funding, Mr Oswal told reporters.

The company proposes to enter the capital market on August 20, with a public issue of 29,82,710 equity shares of Rs five each through 100 per cent book building process. The issue closes on August 23. The equity shares are proposed to be listed on BSE.

UNI