Mumbai: Private equity firm General Atlantic Llc., which holds a 17.8% stake in Patni Computer Systems Ltd, is looking at options to exit the firm, an executive at the US-based firm said.
“General Atlantic has been trying to move out for a while now but is waiting for some stability in the market before taking any concrete steps,” the executive said on condition of anonymity.
General Atlantic had signed a $100 million (Rs485 crore) deal to acquire a minority equity stake in Patni Computer in 2002. Two partners at General Atlantic, Willion O. Grabe and John Wong, had also joined Patni’s board after the deal was signed.
Patni Computer’s chief financial officer Surjeet Singh termed the comment about a possible exit by General Atlantic as a baseless rumour.
A spokesperson for General Atlantic said, “It is our policy to not respond to speculation about our portfolio companies.”