The Hindu Business Line : Oracle raises stake in i-flex to 47.5 pc

In a move towards owning a majority stake in i-flex Solutions Ltd, Oracle Global (Mauritius) Ltd along with Oracle Corp has recently enhanced its holding in i-flex to 47.5 per cent by acquiring some 34.5 lakh shares of the company from the open market recently. Oracle Global held 43.08 per cent stake in i-flex solutions earlier.

Oracle paid a significant premium of between 37 per cent and 58 per cent for acquiring the 4.5 per cent stake from the open market during March 13-24 over the open offer price of Rs 882 per share it paid in August last year.

Oracle acquired a 41 per cent stake in i-flex from Orbitech Ltd, and, subsequently, made an open offer for additional 22 per cent stake at Rs 882.6 per share.

Oracle could mop up only a 2-per cent stake in the open offer as the i-flex stock traded consistently at a price higher than the market price. Since November last year, shares of i-flex have seen a significant upside of close to 58 per cent even as the stock hit a 52-week high on March 24 at Rs 1,400. Over the past one-month, i-flex shares have gained by 27 per cent on the BSE.

On Monday, i-flex shares ended lower by about 1.9 per cent at Rs 1,354 on BSE .

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