Corporate Aug 7, 2012
Unable to exert full control on its Indian arm, Oracle is planning to delist Oracle Financial Services and the senior management has already met to discuss the contours of the deal, reported CNBC TV18's Kritika Saxena.
Oracle says it is facing many additional risks and local securities regulations as it is yet to adhere to the 25 percent public shareholding norm. Oracle currently holds 80.36 percent in its Indian entity.
The Indian units of various multi-national companies (MNCs) have public shareholding of less than 25 percent and many of them have been resisting to dilute the promoter holdings to below 75 percent, for which Sebi has set a deadline of June 2013.
The delisting is yet to be cleared by the Oracle global boar, which will also decide the timeline for the process.
Oracle declined to comment on the story.
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