Motilal Oswal Financial Services shall hold a Board meeting on July 27 to consider internal restructuring within group entities.
This is by transferring broking and distribution business of Motilal Oswal Financial Services Ltd (MOFSL) into one of the wholly-owned subsidiary of the company, demerger of wealth business from Motilal Oswal Wealth Ltd into MOFSL.
The well diversified financial services firm witnessed an improvement in business performance in FY23 with a steady market share in derivatives, improved mutual fund performance in select schemes, and consistent growth with stable asset quality in the housing finance business.
The management expects to focus more on quality customer acquisition in broking as well as distribution. Cross-sell opportunity remains large considering that penetration currently stands at only 16 percent (where only one product is cross-sold on a 3.5mn client base).
The company shall report its first quarter earnings on July 27. The shares of MOFSL are trading 6 percent higher in trade at Rs 832.
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