Oracle Financial to raise up to $181 mln through share sale

Last Updated: Wed, May 22, 2013 03:50 hrs

May 22 (Reuters) - Oracle Financial Services Software Ltd , majority owned by Oracle Corp, plans to raise as much as 10 billion rupees ($180.9 million) through a share sale to institutional investors.

The founders plan to cut their stake in the company by 5.3 percent by selling as much as 4.4 million shares to meet the regulatory condition of having at least 25 percent public shareholding for companies listed in India.

It has fixed the floor price at 2,275 rupees per share for the issue which launches on Wednesday.

Earlier, real estate developer Puravankara Projects said it will raise $33 million through a share sale, while DLF Ltd raised $337 million earlier this month. ($1 = 55.2850 Indian rupees) (Reporting by Swati Pandey in MUMBAI; Editing by Prateek Chatterjee)

More from Sify: