Motilal Oswal Family Trust exempted from open offer

New Delhi, February 11

SEBI has exempted Motilal Oswal Family Trust from the obligation of making an open offer with respect to the proposed acquisition of shares of Motilal Oswal Financial Services.

This comes after the family trust filed a pleas with the SEBI seeking exemption from the applicability of Substantial Acquisition of Shares and Takeovers norms in the matter of proposed acquisition of shares and voting rights in Motilal Oswal Financial Services Ltd (MOFSL).

Under the proposal, Motilal Oswal intends to gift or settle his shareholding in Passionate Investment Management Private Limited (PIMPL) to Motilal Oswal Family Trust. — PTI