Oracle buys out Citi's 41% in i-flex for Rs 2,476 crore.
Economic Times (New Delhi, India), August, 2005
Aug. 3--MUMBAI, India -- Enterprise software and database company, the $12bn Oracle, which is the second-largest software company in the world after Microsoft, is buying out Citigroup's 41 percent stake in Mumbai-based banking software company i-flex Solutions. The buyout of the Citigroup stake is at Rs 800 per share, amounting to nearly Rs 2,476 crore.
Oracle is also making an open offer at Rs 882 a share for the remaining 20 percent to public shareholders, amounting to Rs 1,323 crore or $361m. Hence, the total size of the deal is Rs 3,799 crore, ie, almost $874m, making it the largest buyout in India. The 41 percent Citigroup stake was held by Citigroup Venture Capital (CVC) through a 100 percent subsidiary Orbitech.
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