Oracle Corp's offer to buy up to 20 percent of Indian banking software company i-flex solutions ltd. from public shareholders has received a poor response because the bid was lower than the market price.
Oracle Global (Mauritius) acquired 517,375 shares or 0.68 percent of i-flex at the offer price of 882.62 rupees a share, the Indian firm said in a notice to the stock exchange after the offer closed.
On Thursday morning, i-flex's shares were trading at 959 rupees, down 1.5 percent, in a firm Mumbai market.
The US firm had made the open offer under Indian take-over rules after it bought 42.41 percent of i-flex from Citigroup. i-flex's shares were trading at 896 rupees when the announcement was made in August.
Oracle's stake in the company has risen to 43.09 percent, i-flex said.