Motilal Oswal and Raamdeo Agrawal, the promoters of of Motilal Oswal Financial Services, will donate 5 percent equity shares each, aggregating to 10 percent of total paid-up share capital of the company, towards charitable purposes.

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"We hereby inform the exchange that the company has received an expression of interest/intent, from Motilal Oswal and Raamdeo Agrawal, 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 a filing.

Motilal Oswal, promoter and director of Motilal Oswal Financial Services, will donate 73,97,556 equity shares of the company, while the promoter and director of the firm, Raamdeo Agrawal will sell 73,97,556 equity shares.

"It will be our endeavor to spend the entire donation amount in next 10 years or preferably earlier," the company statement read.

“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,” said Agarwal 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,” Motilal Oswal said.

In a recent interview with CNBC-TV18, Raamdeo Agrawal expressed his positive outlook on the market's future trajectory. He confidently projected that the Nifty and Sensex indices, which represent the broader Indian stock market, have the potential to double in value over the next five years.

"Don't bother too much about the market levels because this all-time high is for the last 75 years. It is not for the next 5 years. We are going to see significantly higher Nifty, and Sensex in the next five years almost, I would say double from here," he said.

First Published:Jul 28, 2023 1:26 PM IST