Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Ltd. is an Indian diversified financial services firm offering a range of financial products and services. The company was founded by Motilal Oswal and Raamdeo Agarwal in 1987. The company entered into investment banking in 2005, followed by private equity fund in 2006. On February 2006, Motilal Oswal Financial Services Ltd. acquired Peninsular Capital Markets, a Cochin, Kerala based broking company for Rs. 35 crore. The company tied up with State Bank of India in 2006, Punjab National Bank in 2007 and Axis Bank in 2013 to offer online trading to its customers. On January 2010, Motilal Oswal Financial Services Ltd. set up Mutual fund business named as Motilal Oswal Asset Management Company (MOAMC). On 2013, Motilal Oswal Financial Services Ltd. laid foundation of Aspire Home Finance Corporation Limited (AHFCL). The company offers loans for home, construction, composite, improvement, and extension in India. The financials of the company is zig-zag, RoCE is 16.10% and at CMP its looks fully priced. As this is Open Offer buyback, so there is no arbitrage benefit to investors.  So we give AVOID rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal