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Wednesday, Nov 08, 2006

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Oracle's open offer for i-flex delayed

Our Bureau

Mumbai , Nov. 7

Oracle's open offer for 20 per cent equity stake in i-flex Solutions is delayed, said the company, adding that a revised schedule of activity will be announced separately.

The open offer price of Rs 1,475 per share of i-flex will remain unchanged, said DSP Merrill Lynch, manager to the issue, in a notice to the stock exchanges on Tuesday on behalf of Oracle.

The multinational gave no reasons for delay of the open offer.

But i-flex shares closed at Rs 1,535 on the BSE on Tuesday, losing Rs 40.55 (or 2.57 per cent) over the day, but still higher than the open offer price by Rs 60.

The open offer had became mandatory after Oracle's stake in i-flex rose to 55 per cent from 52.5 per cent, following a preferential allotment from i-flex Solutions made to Oracle in August this year.

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