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India's i-flex to buy outstanding 60 pct in Flexcel

Fri Apr 4, 2008 1:28am EDT

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NEW DELHI, April 4 (Reuters) - Indian banking software maker i-flex Solutions Ltd IFLX.BO said on Friday its board had approved buying the balance 60 percent stake in Flexcel International Pvt Ltd to make it a wholly owned subsidiary.

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The company said in a notice to the stock exchange it would buy 3.1 million shares of 10 rupees each in the firm. Further details were not available.

I-flex board also approved changing the company's name to Oracle Financial Services Ltd. i-flex is majority owned by Oracle Corp (ORCL.O). (Reporting by Devidutta Tripathy)

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