Oracle open offer for i-flex from Nov 6
Global software major Oracle’s open offer for 20 per cent stake in i-flex Solutions will open on November 6 and close on November 25.
The open offer price is Rs 1,475 per share, which is at a premium of Rs 35.75 (or 2.5 per cent) to i-flex’s Wednesday closing price of Rs 1,439.25 per share. If fully subscribed, the offer will take Oracle’s stake in i – flex to 75 per cent, from the current 55 per cent, for a total consideration of around Rs 2,450 crore.
The open offer became mandatory after Oracle’s stake in i-flex rose to 55 per cent from 52.5 per cent following a preferential allotment from i-flex made to Oracle in August this year.
Last year Oracle had bought over 42.41 per cent stake in i-flex from Citigroup for $593 million (Rs 2,700 crore).
The open offer that followed that acquisition raised Oracle’s stake in i-flex only marginally.
Oracle’s current open offer is for Rs 1.66 crore shares of i-flex of face value Rs 5 each.
The open offer is being made by Oracle Global Mauritius along with Oracle Corporation
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