Oracle Financial Services is trading lower by 2% at Rs 2,375 in opening trades after the promoter of IT consulting and services firm has set the floor price for its offer for sale (OFS) at a discount at Rs 2,275 per share.
The stock opened at Rs 2,350 and touched low of Rs 2,350 on BSE. A combined around 120,000 shares changed hands on the counter on BSE and NSE.
Oracle Global Mauritius, the promoter of the company plans to sell 4.43 million equity shares at a floor price of Rs 2,275 per share today.
The promoter currently hold 80.3% stake in the company said that it will reduce its stake in Oracle Financial Services to 75% as required by the Indian market regulator the Securities and Exchange Board of India (Sebi).
According to the regulatory norms, all publicly listed companies on the Indian stock exchange are required to have a minimum public shareholding of 25% by June 2013.
The stock opened at Rs 2,350 and touched low of Rs 2,350 on BSE. A combined around 120,000 shares changed hands on the counter on BSE and NSE.
Oracle Global Mauritius, the promoter of the company plans to sell 4.43 million equity shares at a floor price of Rs 2,275 per share today.
The promoter currently hold 80.3% stake in the company said that it will reduce its stake in Oracle Financial Services to 75% as required by the Indian market regulator the Securities and Exchange Board of India (Sebi).
According to the regulatory norms, all publicly listed companies on the Indian stock exchange are required to have a minimum public shareholding of 25% by June 2013.