IGATE says plans to delist India’s Patni Computer shares

IGATE says plans to delist India’s Patni Computer shares

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 388.85, up 3.87% in a weak Mumbai market.

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