Motilal Oswal soars to 52-week high on first-ever plan to issue bonus shares

Motilal Oswal Financial Services board will meet on April 26 to consider the proposal

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Shares of Motilal Oswal Financial Services soared around 8 percent to hit a 52-week high on April 19 after the company announced plans to consider a proposal to issue bonus shares at a board meeting on April 26.

At 1.51 pm, Motilal Oswal Financial Services was trading at Rs 2,248.55 on the National Stock Exchange after hitting a 52-week high of Rs 2,269.50.

The news of a bonus issue plans also attracted a flurry of investors to the counter, triggering a spike in volumes. Seven lakh shares had changed hands on the exchanges by afternoon, sharply higher than the one-month daily traded average of two lakh.

The stock has been on a tear, having doubled its value in the past month.

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Aside from the bonus share issuance, the board will also approve the brokerage’s Q4 results at the meeting.

If approved, this will be the first instance of MOFSL issuing bonus shares. In February, the company announced a dividend of Rs 14 per share.

Over the past five years, the company has given dividends worth a total of Rs 56.

The company bought back shares worth Rs 160 crore between June and July 2022 through the tender offer route.

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