Business Daily from THE HINDU group of publications
Tuesday, Aug 14, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Aug 14, 2007 ePaper |
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Markets
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IPOs
‘To market’: Mr Motilal Oswal (Right), Chairman and Managing Director, Motilal Oswal Financial Services Ltd, with Mr Raamdeo Agarwal, Joint Managing Director, at a press conference to announce the IPO of the company in Mumbai on Monday. –
Our Bureau Mumbai, Aug. 13 Motilal Oswal Financial Services Ltd proposes to enter the capital market with an initial public offering of 2.98 equity shares of face value Rs 5 each. The issue, which is being made through a 100-per-cent book building process, opens on August 20 and closes on August 23. The price band has been fixed at Rs 725-Rs 825. Of the total issue, 1.42 lakh shares have been reserved for eligible employees and the net issue to the public is 28.4 lakh shares. The total issue will constitute 10.5 per cent, while the net issue will constitute 10 per cent of the post issue paid-up capital of the company. The equity shares are proposed to be listed on BSE and NSE. The company plans to raise between Rs 216.25 crore and Rs 246.07 crore to fund organic and inorganic growth and support its growth plans through long term working capital deployment, enhanced financing facility for broking customers and technology advancement. Broking and related services currently constitute 85-86 per cent of the company’s revenues. “The number of high networth individuals in India is growing at the rate of 22 per cent, second only to Singapore,” said Mr Raamdeo Agrawal, Managing Director, Motilal Oswal Securities Ltd. He added that the top ten brokerages in India have increased their market share from 17 per cent to 24 per cent. For the year ended March 31, 2007, the company’s total income was 379.12 crore, compared to Rs 272.51 crore in the previous year. Net profit stood at Rs 69.58 crore, compared to Rs 60.34 crore in FY06. Citigroup Global Markets India Private Ltd is the book running lead manager to the issue.
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