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News >> Technology >>
Oracle takes 43% stake in i-flex
By siliconindia staff writer
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Tuesday, 02 August 2005, 19:30 IST
MUMBAI: i-flex Solutions has taken note of the proposed acquisition of 3,22,36,000 fully paid up equity shares of the company, amounting to 43% ownership interest in the company (41 percent on fully diluted basis), by Oracle Global (Mauritius).
According to a release issued by i-flex to the BSE today, Oracle has bought the stake from OrbiTech, which is the principal shareholder of the company.
"The company has just signed an MoU with Oracle Corporation following which definitive agreements will be entered into between the company and Oracle when the entire open offer process by Oracle, Mauritius is completed under the provisions of the Sebi takeover code," the release added.
The company will continue to operate under its current management as an independent publicly traded company, the release added.
i-flex zoomed over 8 percent (Rs 68) to Rs 896 on the BSE today. The counter logged a huge volume of over 2,70,000 shares today as against the 2-week average volume of 106,000 shares.