Mar 11, 2013, 07.06 PM IST
Oracle PLC, which has been looking at delisting its Indian arm Oracle Financial Software Services from the Indian stock exchanges for a long time may be set to reduce stake worth Rs 1,440 crore via the offer for sale (OFS) route, reports CNBC-TV18's Kritika Saxena.
Promoters hold around 80.3 percent and in order to meet Securities and Exchange Board of India’s (Sebi) public shareholding norm, they are required to bring it down to 75 percent.
According to sources, the company may dilute around 4-6 percent stake and Oracle board will be meeting to discuss the final plan for its India arm. While several options have been considered, OFS seems to be the final route and the pricing will be discussed in that board meeting.
At the current market price (CMP), the overall valuation for that 6 percent stake comes up to Rs 1440 crore, which indicates that this is a strong stock. If the company opts for the OFS, it may be priced at a marginal discount.
Action in Oracle Financial Services Software
Video of the day
Dec 11 2013, 09:54
- in Business
Dec 4 2013, 11:08
- in FII View
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.