Oracle Financial Services’ promoter to sell stake in the company

08 May 2013

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.


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