i-flex jolted as Oracle revises open-offer time-table
i-flex solutions dropped 2% to Rs 1,553, after Oracle announced a revised schedule for the open offer, agreeing to pay interest for the period of delay.
I-flex's promoter has raised the offer price only a bit from earlier Rs 1,475 to Rs 1,486.35 per share .I-flex continues to trade at a premium over Oracle’s offer at Rs 1,486.35 per share.The stock had surged 5.5% in the past two trading sessions, to Rs 1,587.55 on 21 November 2006, from a low of Rs 1,503.50 on 17 November 2006.
The stock had cooled off after Oracle announced on 9 November that the offer price remains unchanged. Earlier, the delay in open offer had raised expectations that the open offer price may be revised upwards. From a high of Rs 1,576.15 on 6 November, it reached Rs 1,503.50 on 17 November.
The offer was originally scheduled to open on 6 November and end on 25 November. As per the revised scheduled, the offer will now open on 4 December and end on 23 December. In September, Oracle had announced open offer to buy 16.629 million shares of i-flex solution, or 20% stake, at Rs 1,475 a share. The open offer is willy-nilly as Oracle's stake in i-flex rose to 55% from 52.5%, following a preferential allotment by i-flex solutions in August this year, at Rs 1,307.50 per share.
On Tuesday, Interbank, one of Peru's leading commercial banks, selected Reveleus Operational Risk, as its enterprise-wide operational risk management platform.
Recently, i-flex Solutions and Financial Services Inc. announced a tie-up to launch I-flex’s core banking solution, Flexicube, as a hosted offering to community banks in the US.
i-flex posted a topline growth of 43% with revenue (consolidated Indian GAAP) for the quarter ended 30 September 2006, standing at Rs 499 crore, compared with Rs 350 crore for the corresponding quarter of the previous year. The company's net income for the quarter stood at Rs 93.5 crore, representing 144% growth compared with the figures of Rs 38.4 crore during the corresponding quarter in the previous year.
I-flex's promoter has raised the offer price only a bit from earlier Rs 1,475 to Rs 1,486.35 per share .I-flex continues to trade at a premium over Oracle’s offer at Rs 1,486.35 per share.The stock had surged 5.5% in the past two trading sessions, to Rs 1,587.55 on 21 November 2006, from a low of Rs 1,503.50 on 17 November 2006.
The stock had cooled off after Oracle announced on 9 November that the offer price remains unchanged. Earlier, the delay in open offer had raised expectations that the open offer price may be revised upwards. From a high of Rs 1,576.15 on 6 November, it reached Rs 1,503.50 on 17 November.
The offer was originally scheduled to open on 6 November and end on 25 November. As per the revised scheduled, the offer will now open on 4 December and end on 23 December. In September, Oracle had announced open offer to buy 16.629 million shares of i-flex solution, or 20% stake, at Rs 1,475 a share. The open offer is willy-nilly as Oracle's stake in i-flex rose to 55% from 52.5%, following a preferential allotment by i-flex solutions in August this year, at Rs 1,307.50 per share.
On Tuesday, Interbank, one of Peru's leading commercial banks, selected Reveleus Operational Risk, as its enterprise-wide operational risk management platform.
Recently, i-flex Solutions and Financial Services Inc. announced a tie-up to launch I-flex’s core banking solution, Flexicube, as a hosted offering to community banks in the US.
i-flex posted a topline growth of 43% with revenue (consolidated Indian GAAP) for the quarter ended 30 September 2006, standing at Rs 499 crore, compared with Rs 350 crore for the corresponding quarter of the previous year. The company's net income for the quarter stood at Rs 93.5 crore, representing 144% growth compared with the figures of Rs 38.4 crore during the corresponding quarter in the previous year.
posted by SY at 4:27 PM
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