Oracle makes USD 1.3 bn bid for Indian banking software firm

SAN FRANCISCO: Oracle said it had raised its bid for the bulk of Indian banking software firm iflex Solutions to 1.3 billion dollars in what was its final offer.

Oracle offered 2,100 rupees per share in an effort to increase its stake in the company by 35 per cent to 90 per cent.

The offer was a 42 per cent jump from the 1,475 rupees per share previously offered by California-based business software behemoth Oracle.

"There will not be another open offer and Oracle will not undertake a delisting for at least the next five years unless i-flex shares are selling at a significantly lower price than they are today," Oracle chief executive Larry Ellison said on Friday.

"This is the last opportunity for i-flex shareholders to tender their shares to Oracle," he said.

The open offer will expire on December 23, 2006, according to Oracle.

I-flex's roster of customers includes Citigroup and HSBC.