The present invention relates to a process for preparing a deodorized oil with in-situ prepared mono-acylglycerides and the oil obtained as such. It relates to a process for preparing a deodorized oil containing in-situ prepared mono-acylglycerides by interesterifying in presence of an enzyme a glyceride containing fraction wherein the ratio of free and esterified hydroxyl groups (OH) to free and esterified fatty acids (FA) is greater than 1.07 and obtaining an oily composition containing less than 1% w/w, preferably less than 0.5% free fatty acids. Furthermore it relates to a deodorized oil containing 30 to 70% triglycerides, 20 to 50% di-acyl glycerides, 1.5 to 25% mono-acyl glycerides.
