IT firm Oracle Financial Services Software on Tuesday announced the floor price for sale of over 44 lakh shares worth about Rs 1,009 crore to meet minimum shareholding norms as mandated by market regulator Securities and Exchange Board of India (Sebi).
The company said it has fixed a floor price of Rs 2,275 per share for the sale, which will take place on Wednesday.
In a filing to the Bombay Stock Exchange, Oracle Financial said, "With reference to the earlier announcement dated May 20, 2013 regarding Offer for Sale of shares by promoter, Oracle Global (Mauritius) Ltd, promoter of Oracle Financial Services has now informed BSE that the floor price for the sale in terms of the Sebi Circulars shall be Rs 2,275."
Oracle Global (Mauritius), the promoter of Oracle Financial Services, had informed the bourse on Monday about its offer for sale of 4,430,501 shares on May 22, 2013.
Morgan Stanley India Company and Deutsche Equities India have been appointed as brokers for the share sale.
According to the regulatory norms, all publicly listed companies on the Indian stock exchange are required to have a minimum public shareholding of 25 per cent by June 2013.
Shares of the company, on Monday, fell by 0.73 per cent to settle at Rs 2,420.15 apiece from their previous close at the BSE.