Oracle offers to buy 20% stake in i-flex
Oracle Global Mauritius is offering a price of Rs 1475 per share, to be paid in cash.
By PTI |
MUMBAI: Oracle Global (Mauritius) Ltd has made an open offer to the shareholders of i-flex Solutions Ltd for acquiring a 20 per cent stake in the company for around Rs 2,452 crore.
DSP Merrill Lynch Ltd, the Manager to the offer, on behalf of Oracle Global Mauritius along with Person Acting in Concert, Oracle Corporation, has made an offer to acquire over 1.66 crore equity shares of Rs 5 each of i-flex, representing a 20 per cent stake.
Oracle Global Mauritius is offering a price of Rs 1475 per share, to be paid in cash, for acquiring 1.66 crore equity shares of i-flex from its shareholders.
In a communique to the Bombay Stock Exchange today i-flex, a leading provider of IT solutions to the financial services industry, said the offer would open on November 6 and close on November 25.
In August last year Oracle had announced an agreement to buy Citigroup's 41 per cent equity interest in i-flex and it had completed the acquisition in December. It had also announced an open offer for an additional 20 per cent stake.
Oracle Global Mauritius already holds a 47.74 per cent stake in i-flex Solutions, as on March 31, 2006.
DSP Merrill Lynch Ltd, the Manager to the offer, on behalf of Oracle Global Mauritius along with Person Acting in Concert, Oracle Corporation, has made an offer to acquire over 1.66 crore equity shares of Rs 5 each of i-flex, representing a 20 per cent stake.
Oracle Global Mauritius is offering a price of Rs 1475 per share, to be paid in cash, for acquiring 1.66 crore equity shares of i-flex from its shareholders.
In a communique to the Bombay Stock Exchange today i-flex, a leading provider of IT solutions to the financial services industry, said the offer would open on November 6 and close on November 25.
In August last year Oracle had announced an agreement to buy Citigroup's 41 per cent equity interest in i-flex and it had completed the acquisition in December. It had also announced an open offer for an additional 20 per cent stake.
Oracle Global Mauritius already holds a 47.74 per cent stake in i-flex Solutions, as on March 31, 2006.
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