Oracle intends to acquire another 20 percent of the equity of Indian financial software company I-Flex Solutions.Oracle informed the Bombay Stock Exchange (BSE) in Mumbai on Wednesday of its intention. Oracle has offered to buy 16.63 million equity shares in I-Flex for 1,475 Indian Rupees\u00a0(US$32) per share. The deal will total about $531 million if I-Flex shareholders accept the offer, which opens Nov. 6 and closes Nov. 25.Oracle of Redwood Shores, Calif., already holds a majority stake in I-Flex, based in Mumbai. The company announced last month that it would invest $125 million in I-Flex to increase its stake from 52.5 percent to 55.1 percent. The investment would help I-Flex fund its $122.6 million cash acquisition of Mantas, a vendor of anti-money laundering and compliance software and services in Herndon, Va., I-Flex said. Oracle had said in August that it intended to increase its stake in I-Flex to meet Indian regulations regarding the acquisition of shares and takeovers.A number of multinational companies that have bought stakes in Indian companies have then bought out joint venture partners or minority shareholders.In 2003, Hewlett-Packard (HP) bought out the public share holding in Digital GlobalSoft, a software development and services subsidiary in Bangalore in which it had a majority holding. HP said at the time that it did not want a listed subsidiary in India because then it would be accountable to two sets of shareholders: HP\u2019s and Digital GlobalSoft\u2019s.IBM also bought out its joint venture partner, the Tata Group, to run its Indian operation as a wholly owned subsidiary. Oracle has, however, stated that it would like to retain the independence of the management and operations of I-Flex.-John Ribeiro, IDG News Service (Bangalore Bureau)Check out our CIO News Alerts and Tech Informer pages for more updated news coverage.