[May 10, 2013] Oracle will sell 5.3% stake in Oracle Financial Services Software [Strategy] [Times of India] Tweet (Times of India Via Acquire Media NewsEdge) BANGALORE: US technology company Oracle's plan to offload 5.3% stake in Oracle Financial Services Software (OFSS) is one of the largest divestments by an MNC in recent times valuing the stake sale at $214 million at current market capitalization. The Indian entity commanding a valuation of $4.4 billion is a strategic outpost offering IT products to financial services industry globally. Oracle will reduce its stake in OFSS from the current 80.3% to 75% to comply with market regulator Sebi's mandatory requirement of meeting 25% public float by June this year. The company will sell the minimum shareholding through an offer for sale (OFS) transaction where promoters approach the market to dilute their holding in the company to meet the regulatory mandate. "The timing and the size of the OFS will be subject to market conditions, receipt of any necessary approvals and other considerations and this announcement doesn't constitute an obligation on Oracle to divest any stake held in OFSS," the company said. (c) 2013 Bennett, Coleman & Company Limited [ Back To TMCnet.com's Homepage ]