Motilal Oswal Financial Services Ltd has informed BSE that the Company has submitting a Statement indicating the utilisation of the funds for the quarter ended March 31, 2008 :

The status of utilization of IPO proceeds amount upto March 31, 2008 is as under:

1. Activity: Augmenting Long Term Working Capital
- To be financed through issue proceeds: Rs 4,000 lakhs
- Actual utilization as March 31, 2008: Rs 3,597 lakhs

2. Activity: Financial Activity
- To be financed through issue proceeds: Rs 11,000 lakhs
- Actual utilization as March 31, 2008: Rs 11,000 lakhs

3. Activity: Purchase / Lease of new office space for business expansion
- To be financed through issue proceeds: Rs 3,500 lakhs
- Actual utilization as March 31, 2008: 212 lakhs

4. Activity: General Corporate Purpose
- To be financed through issue proceeds: Rs 4,077 lakhs
- Actual utilization as March 31, 2008: Rs 2,800 lakhs

5. Activity: Technology
- To be financed through issue proceeds: Rs 1,020 lakhs
- Actual utilization as March 31, 2008: Rs 606 lakhs

6. Activity: Issue Expenses
- To be financed through issue proceeds: Rs 1,010 lakhs
- Actual utilization as March 31, 2008: Rs 1,010lakhs

Total :
- To be financed through issue proceeds: Rs 24,607 lakhs
- Actual utilization as March 31, 2008: Rs 19,224 lakhs

As on March 31, 2008, the utilized Balance of Rs 5,383 lakhs is lying in Mutual Funds.