Oracle Financial slumps; promoters to cut stake via OFS

Moneycontrol Bureau

Oracle Financial Services Software shares plunged nearly five percent Wednesday, after the company said its promoter plans to reduce stake in the company via an offer for sale. Promoter Oracle Global Mauritius, which holds 80.27 percent stake in the company, intends to reduce their shareholding in the company by 5.3 percent. The dilution in stake is for complying with the minimum public shareholding norms of 25 percent by June 2013. Public shareholding in Oracle Financial Services was around 19.7 percent as of March 31. Meanwhile, the company fourth quarter net profit increased 4 percent quarter-on-quarter to Rs 266 crore and revenue rose 2 percent Q-o-Q to Rs 740 crore during the quarter. Oracle Financial shares were down near 5 percent at Rs 2,579.50 on NSE in afternoon trade.