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Mumbai, Aug. 2 The initial public offering of Motilal Oswal Financial Services Ltd (MOFSL) was subscribed 1.96 times on the first day of the book building process. The IPO received bids for 58,40,448 shares for the 29.82 lakh shares on offer.

The company plans to raise up to Rs 246 crore through the IPO to gather funds for improving the competitive position, augmenting long term working capital, financing activity for broking customers and for business expansion.

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