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Oracle Corporation may be laying the ground for delisting the shares of i-flex solutions at a future date. It recently crossed the 51 per cent equity threshold in i-flex solutions through the creeping acquisition route. Early last week, following the acquisition of Mantas Inc., US, by i-flex solutions, the latter is issuing equity to Oracle on a preferential basis at Rs 1,307.50. This is expected to raise Oracle's stake in i-flex to 55.1 per cent, subject to shareholder approvals. This has, in turn, triggered a mandatory open offer from Oracle to acquire an additional 20 per cent stake. If this sweetened offer (of Rs 1,475 per share) from Oracle succeeds, it will raise its equity in i-flex to 75 per cent and set the stage for a possible delisting.

Krishnan Thiagarajan

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Delisting overtures

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