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iGate proposes to de-list Patni Computer Systems
Wednesday November 16, 2011 08:57:43 PM,
IANS
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Mumbai: Software major iGate Wednesday moved to de-list its subsidiary Patni Computer
Systems from the Indian stock markets and said it will offer
public shareholders a minimum price of Rs.356.74 to exit the firm.
The company will also de-list the American Depository Receipts
from the New York Stock Exchange in addition to the shares listed
on the Bombay Stock Exchange (BSE) and the National Stock
Exchange.
iGate the promoter of Patni, holds 80.4 percent of the current
paid up equity share capital of the company while some 17,105,993
equity shares, constituting 12.5 percent of the share capital, are
with the the public.
iGate said it intended to obtain full ownership of Patni Computer
System, providing an attractive exit opportunity to the public
shareholders of the company.
"Additionally, the promoters believe that given the low liquidity
in the company's equity shares, the de-listing proposal would
provide the public investors of the company with ability to exit
fully," Patni said in a regulatory filing.
Patni's shares closed 3.78 percent higher at Rs.388.65 at the BSE.
The announcement was made after the markets closed.
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