Shares of i-flex, an IT solutions provider for banking space, today rose by 11 per cent on speculation that Oracle Corporation, which owns over 81 per cent in the firm, might make an open offer to buy more shares.
The i-flex scrip soared to an intra-day high of Rs 2,440, a rise of 10.95 per cent or Rs 241 over its previous close of Rs 2,199.15 as nearly 82,000 shares were traded on the Bombay Stock Exchange.
Oracle, which holds stake in the Indian company through Mauritius-based Oracle Global, had earlier this year acquired 35 per cent stake after sweetening its offer price from Rs 1,475 to Rs 2,100 per share.
With speculation again doing rounds, the i-flex stock rose to closed at Rs 2,425.8, up 10.31 per cent today. This is the company’s second-highest closing after the scrip touched its 52-week high of Rs 2,545 on April 27.
Read more in The Business Standard article.
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