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Oracle to make open offer for 20% in i-flex
By agencies
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Tuesday, 15 August 2006, 19:30 IST
MUMBAI: Oracle will make an open offer for an additional 20 percent stake in i-flex Solutions in which it already has majority ownership. The open offer, if fully subscribed to, may see Oracle's equity stake in i-flex, currently at 52.5 percent, go up to 75 percent.
Oracle had bought over 42.41 percent equity stake in i-flex from Citigroup for $593 million last year.
The open offer that followed raised its stake in i-flex only marginally. As on March 31, 2006, Oracle's stake in i-flex was 47.74 percent.
Between then and now, Oracle's stake went up further, through open market purchases, to 52.5 percent.