Motilal Oswal Private Equity, a subsidiary of Indian financial services company Motilal Oswal Financial Services, has increased its stake in India-based non-banking financial institution Intec Capital to over 32 percent after completing an open offer and fresh allotment of equity shares. In March 2013, Motilal Oswal, structured through its India Business Excellence Fund-II, had invested around INR373 million (approximately US$6.9 million) through a combination of compulsorily convertible preference shares and equity shares for around a five percent stake. Intec Capital focuses on machinery financing requirements of small- and medium-sized enterprises (SMEs).