Oracle Financial Services Software’s promoter is planning to cut their stake in the company by 5.3% through sale of as much as 4.4 million shares to comply with the Securities and Exchange Board of India (SEBI) norms on minimum public share holding 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.
The promoter of the company will raise as much as Rs 1,000 crore through a share sale to institutional investors. The company has fixed the floor price at Rs 2,275 per share for the issue.
Oracle Financial Services Software is a majority owned subsidiary of Oracle. Oracle Corporation is the world's largest business software company.
