OFSS shares gain on delisting rumours
A US based hedge fund known for investing in companies on anticipation of delisting and open offer has purchased close to Rs 100 crore worth shares of Oracle Financial Software Services (OFSS) on Wednesday. The same fund had bought a large chunk of shares in Patni Computer Systems before it announced delisting. It had also purchased a significant chunk of free float in Astrazeneca before the comapny announced de-listing.
In the past OFSS has made a few unsuecesful attempts to delist its shares from the Indian stock exchanges. The parent holds 74.1% in OFSS, which offers software products and services to the banking and financial industry. The second highest shareholder in OFSS is a Mauritius based fund called Suffolk, which too had bought shares of Patni before its delisting. Suffolk increased its holding in OFSS to 3.4% at the end of December 2016 from 2.4% in September.
Three other entities hold more than 1% in OFSS – Citigroup Global Mauritius, Mansfield Mauritius and Merrill Lynch Singapore. Together, these three hold 4.14% of OFSS.
OFSS shares have gained around 9.4% in the last two trading sessions and closed at Rs 3619.9 on Friday.
In the past OFSS has made a few unsuecesful attempts to delist its shares from the Indian stock exchanges. The parent holds 74.1% in OFSS, which offers software products and services to the banking and financial industry. The second highest shareholder in OFSS is a Mauritius based fund called Suffolk, which too had bought shares of Patni before its delisting. Suffolk increased its holding in OFSS to 3.4% at the end of December 2016 from 2.4% in September.
Three other entities hold more than 1% in OFSS – Citigroup Global Mauritius, Mansfield Mauritius and Merrill Lynch Singapore. Together, these three hold 4.14% of OFSS.
OFSS shares have gained around 9.4% in the last two trading sessions and closed at Rs 3619.9 on Friday.