Motilal Oswal and Raamdeo Agarawal, promoters of Motilal Oswal Financial Services Ltd, will both donate 5 per cent stake each in the company for charitable purposes. It aggregates to 10 per cent of the company’s total paid-up share capital, according to a BSE filing.
The donation amount will be spent over the next 10 years or preferably earlier, according the BSE filing.
“We hereby inform the exchange that the company has received an expression of interest/intent, from Motilal Oswal and Raamdeo Agarawal, promoters of the company along with their family members, committing to donate 5 percent equity shares by each of them aggregating to 10 percent of total paid-up share capital of the company, towards charitable purposes,” the company said in the filing.
Motilal Oswal, who is the promoter and director of Motilal Oswal Financial Services, will donate its 73,97,556 equity shares; while Raamdeo Agarawal, who is the company’s promoter and director, will sell 73,97,556 equity shares.
Motilal Oswal said, “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 many blessings I have received.”
Raamdeo Agarawal said, “I would like to see that the donation amount is being spent in our own life time for designated purposes as the need for the same is maximum now.”
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