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IGATE says plans to delist India’s Patni Computer shares

IGATE says plans to delist India’s Patni Computer shares
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First Published: Wed, Nov 16 2011. 06 41 PM IST

Updated: Wed, Nov 16 2011. 06 41 PM IST
Mumbai: US listed software company iGATE said on Tuesday it plans to delist shares of its Indian unit Patni Computer Systems from the stock exchanges and will offer shareholders a minimum price of Rs 356.74 a share.
The delisting will be done through a reverse book building process, it said in a statement.
iGATE plans to arrange a debt facility of around $215 million, to fund the acquisition of shares, it said, adding the delisting is expected to be completed by mid-2012.
It said it has the right not to purchase the offered shares if the final price discovered through the above process is not acceptable to it.
Fremont, California-based iGATE, backed by private-equity firm Apax Partners, had in January acquired a majority stake in India-based Patni for $1.2 billion in one of the largest deals in India’s technology sector.
Patni shares closed at Rs 388.85, up 3.87% in a weak Mumbai market.
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First Published: Wed, Nov 16 2011. 06 41 PM IST