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Oracle to sell stake in financial services arm [Software & Services] [Times of India](Times of India Via Acquire Media NewsEdge) NEW DELHI: Oracle has announced that it will reduce its current ownership stake in Oracle Financial Services Software (OFSS). Currently, it holds a 80.3% stake in the financial services arm and plans to bring it down to 75%. This step will be taken in order to meet regulatory requirements adopted in India in June 2010 requiring all publicly listed companies to have a minimum public shareholding of 25% by June 2013. Oracle intends to sell the stake in OFSS through an offer for sale (OFS) transaction. This announcement is not an offer of securities for sale in the United States or any other jurisdiction. Morgan Stanley India and Deutsche Equities India have been appointed as brokers for the proposed OFS. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state of the United States or any other jurisdiction. Previously known as i-flex Solutions, OFSS has approximately 900 customers in 145 countries and is said to be the ninth biggest IT company of India. (c) 2013 Bennett, Coleman & Company Limited |