Raamdeo Agrawal, Motilal Oswal to donate 10% equity worth Rs 1,200 crore to charity
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The endeavor is to spend the entire donation amount in the next 10 years or preferably earlier.
“This decision reflects the promoter’s dedication to making a positive impact on society and aligns with the core values of social responsibility and giving back to the community,” the company said in a statement.
Under the proposed donation, Motilal Oswal and Raamdeo Agrawal will offload 73.97 lakh shares each. The combined value of the donation amount through stake sale is about Rs 1,240 crore.
“God is very kind to me. I have been a big beneficiary of studying in schools, colleges, and hostels built by many great philanthropists. Giving back is a way to express gratitude for the many blessings I have received,” said Motilal Oswal.
Promoters and related entities have nearly 70% stake in Motilal Oswal, according to the latest shareholding data.
“I would like to see that the donation amount is being spent in our own lifetime for designated purposes as the need for the same is maximum now,” Raamdeo Agrawal said.Motilal Oswal Financial Services is among the top 3 broking houses in terms of gross brokerage revenue. Its assets under management (AUM) crossed the Rs 1.25 lakh crore mark in the June quarter, while the asset management AUM also went above Rs 50,000 crore.
The company’s consolidated revenue was at Rs 1,264 crore in the first quarter, up 32% year-on-year, while operating profit after tax was up 28% year-on-year (YoY) to Rs 240 crore.
The capital markets, which comprises retail Broking and distribution, institutional equities and investment banking business, revenue rose 44% YoY to Rs 879 crore.
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