Oracle ups stake in Indian firm

Paying for acquistions

Oracle is increasing its stake in Indian software firm i-flex from 52.5 per cent to 55.1 per cent.

The database giant will pay $125m for 4.45m shares in i-flex.

In turn, i-flex will use most of the money to pay for its acquistion of US firm Mantas which makes behaviour detection software to help banks counter money laundering.

The deal is subject to the usual shareholder and regulatory approval.

Under Indian law Oracle must actually offer to buy up to 20 per cent of outstanding shares. It is being advised by DSP Merrill Lynch. ®