Oracle Financial Services Software has rallied 8% to Rs 2,630 after the promoter of IT consulting and software firm has received strong response for its share sale offer.
Oracle Global Mauritius, the promoter’s of the company proposed to sell 4.43 million equity shares sale offer via offer-for-sale (OFS) was oversubscribed by almost four times.
The promoters had received bids for 17.34 million shares at indicative price of Rs 2,386.60 per share against floor price of Rs 2,275 per share, provisional data from the Bombay Stock Exchange (BSE) showed.
The bids at or above the clearing price of Rs 2,420 have been considered for allocation, Oracle Financial Services Software said in a statement.
The promoter who own 80.3% of the company has proposed to sell its stake to meet the Sebi's requirement of having at least 25% public shareholding mandatory for private listed companies by end-June.
The stock opened at Rs 2,550 and touched high of Rs 2,662 in early morning deals on BSE. A combined 238,313 shares have changed hands on the counter till 0930 hours on NSE and BSE.
Oracle Global Mauritius, the promoter’s of the company proposed to sell 4.43 million equity shares sale offer via offer-for-sale (OFS) was oversubscribed by almost four times.
The promoters had received bids for 17.34 million shares at indicative price of Rs 2,386.60 per share against floor price of Rs 2,275 per share, provisional data from the Bombay Stock Exchange (BSE) showed.
The bids at or above the clearing price of Rs 2,420 have been considered for allocation, Oracle Financial Services Software said in a statement.
The promoter who own 80.3% of the company has proposed to sell its stake to meet the Sebi's requirement of having at least 25% public shareholding mandatory for private listed companies by end-June.
The stock opened at Rs 2,550 and touched high of Rs 2,662 in early morning deals on BSE. A combined 238,313 shares have changed hands on the counter till 0930 hours on NSE and BSE.
