Motilal Oswal Financial Services has received approval for proposal of acquisition of 5,00,000 fully paid-up Equity Shares having face value of Rs 10 each of Gleiten Tech for a consideration of Rs 50 lakh representing to 100% of the issued and paid-up capital of Gleiten Tech.

Further, pursuant to the aforesaid acquisition, Gleiten Tech will become wholly-owned subsidiary of the company. The purpose of acquiring Gleiten Tech is to utilize it as a vehicle for the expansion of the company's existing and proposed business activities within the Motilal Oswal group. Furthermore, upon the completion of this transaction, the company may amend its Memorandum and Articles of Association including organizational structure.

Motilal Oswal Financial Services offers a range of financial products and services, such as wealth management, retail broking and distribution, institutional broking, asset management, commodity broking, private equity, investment banking, and principal strategies.