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Patni Computer buyback offer to start on 10 July

Patni Computer buyback offer to start on 10 July
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First Published: Mon, Jul 07 2008. 02 56 PM IST
Updated: Mon, Jul 07 2008. 02 56 PM IST
PTI
Mumbai: Software services firm Patni Computer Systems Ltd said on 7 July its offer for buying back 5.25% stake of the company for Rs237 crore has been rescheduled and will now open on 10 July.
The offer would close on 6 February 2009 or when the maximum limit of Rs237 crore is exhausted or the maximum number of shares that can be bought back is reached, whichever is earlier, the company said in a filing to the Bombay Stock Exchange.
The buyback was scheduled to start on 14 April and close on 6 February 2009.
The board of directors of the company approved the buyback offer on 7 February, wherein the company plans to buy back 72,92,308 shares representing 5.25% stake in the company at a maximum buyback price of Rs325.
Patni Computer however, does not intend to buy back its American Depository Shares (ADSs), American Depositary Receipts (ADRs) representing its underlying equity shares as part of this offer.
The aggregate shareholding of the promoter group and persons who are in control of the company is 60,972,802 equity shares amounting to 43.85% of the fully paid up equity share capital of the company.
Patni Computer shares were trading at Rs241, up 3.66% on the BSE in afternoon trade.
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First Published: Mon, Jul 07 2008. 02 56 PM IST
More Topics: Patni Computer | Buyback | Shares | BSE | ADR |