Live Mint 8 May 2013
The company will reduce its current 80.3% ownership stake in OFSS to 75% as required by the market regulator
Mumbai: Oracle Corp. on Wednesday said it will reduce its current 80.3% ownership stake in Oracle Financial Services Software Ltd (OFSS) to 75% as required by the Indian capital market regulator. The OFSS share was up 0.79% to close at Rs.2,708.30 per unit on Tuesday. At Tuesday’s market price, the value of the 5.3% stake in OFSS (formerly i-Flex Solutions Ltd), which the company will have to divest to meet the requirement, was worth approximately Rs.1,440 crore.
Oracle intends to sell the minimum portion of its shareholding in the company to meet the legal mandate through an offer for sale (OFS) transaction.
“The timing and size of the OFS will be subject to market conditions, receipt of any necessary approvals, and other considerations; and this announcement does not constitute an obligation on Oracle to divest any stake held in OFSS,” the company said in a media release.
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