Oracle Financial Services has soared 12% to Rs 2,474 on back of huge volumes. As many as 349,135 shares have already changed hands on the counter till 10:37 hours, as against an average sub 70,000 shares that were traded daily in past two weeks on the NSE and BSE.
According to market buzz, Oracle Global (Mauritius) that currently holds 80.47% in the company is planning to delist its Indian arm.
In June 2010, the Ministry of Finance, Government of India, had issued guidelines about minimum public shareholding for listed corporates. It required all private sector listed corporates to have at least 25% public holding while listed public sector undertakings need to maintain a minimum public holding of at least 10%. The deadline for companies to achieve the stated level of public holding is June 2013.