Motilal Oswal IPO opens on Aug 20

Bangalore, Aug 17: Motilal Oswal Financial Services Limited, country's one of the leading domestic brokerage house, is entering capital market on August 20 with a public issue of 2,982,710 equity shares of Rs five each with a price band fixed at Rs 725 to Rs 825 per equity share.

Speaking to newsmen here company's Wealth Management Group Director Hitungshu Debnath said the proceeds of the issue, closing on August 23, would be utilised for various activities such as increasing margin funding, physical infrastructure and technology enhancement during next two years.

Replying to queries, he said the company would soon install a new management software to cater to the needs of customers who had invested in diverse sectors such as venture capital, portfolio management services and institional broking. An advanced Information Technology network would also be installed across the coountry to facilitate easy functioning within the company, he added.

He said the consolidated revenue and net profit for the year ended march 2007 was USD 87.96 million and net profit was USD 16.14 million. Headquartered in Mumbai, the company has a network spread across 377 cities and towns comprising 1200 business locations operated by its business associates and MOFSL.

UNI