Oracle Financial Services Software’s promoter has proposed to sell stake in the company from the current 80.27% to comply with the Securities and Exchange Board of India (SEBI) norms on minimum public share holding requirements via offer-for-sale (OFS) route.
The company has received a letter from the promoter notifying the company about their intention to reduce their shareholding in the company by 5.3%, so as to comply with the minimum public shareholding requirements.
As per the norms stipulated by the market regulator SEBI, privately promoted companies are expected to have public shareholding at 25% by June 3, 2013.
Oracle Financial Services Software is a majority owned subsidiary of Oracle. Oracle Corporation is the world's largest business software company.