Oracle Financial Services dips on promoter stake sale plan
The promoter propose to reduce their shareholding in the company by 5.3%, to comply with the minimum public shareholding requirements.
Oracle Financial Services Software has dipped 5% to Rs 2,573 in early morning deals after its promoter proposed to sell stake in the company from the current 80.27% to comply with the Sebi norms on minimum public share holding requirements via offer-for-sale (OFS) route.
The stock opened at Rs 2,610 and hit a low of Rs 2,535 on the BSE. A combined 29,234 shares have changed hands on the counter on BSE and NSE.
“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,” Oracle Financial Services Software said in a regulatory filing.
As per the norms stipulated by the market regulator Securities and Exchange Board of India (Sebi), privately promoted companies are expected to have public shareholding at 25% by June 3, 2013.
The stock opened at Rs 2,610 and hit a low of Rs 2,535 on the BSE. A combined 29,234 shares have changed hands on the counter on BSE and NSE.
“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,” Oracle Financial Services Software said in a regulatory filing.
As per the norms stipulated by the market regulator Securities and Exchange Board of India (Sebi), privately promoted companies are expected to have public shareholding at 25% by June 3, 2013.