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The board of Motilal Oswal Financial on Thursday announced restructuring of its business verticals. Accordingly, it will transfer broking and distribution undertaking to Glide Tech Investment Advisory Private Limited, wholly-owned subsidiary, by way of Slump Sale. The board also gave nod for demerger of wealth business undertaking of MOWL into MOFSL i.e. transfer of Wealth Business from Wholly-owned Subsidiary into parent company.
The company will sell ”Identified Investments” I.e from its investments portfolio which includes investments in listed equity shares, equity mutual funds, alternative investments, etc. of the Company to Glide Tech. On such sale of investments, Glide will issue its Equity and/or Preference Shares to the Company as a consideration equivalent to the fair value of the Investments as on the actual date of transfer (immediately prior to the Scheme coming into effect), it said.
Glide is Wholly-owned Subsidiary of the Company and since the transaction will be with a Wholly-owned Subsidiary, the transaction will be a related party transaction and the transaction is being done at arm’s length.
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