iGATE plans to begin the delisting
Information technology company iGATE Corp. (IGTE: News ) Wednesday announced its plans to delist Indian unit Patni Computer Systems Ltd (PTI: News ) from the US and Indian exchanges, in order to acquire a full stake in it. Following the news, Patni shares gapped up sharply and currently trading nearly 9 percent on the New York Stock Exchange.
iGATE plans to begin the delisting process through two of its subsidiaries, Pan-Asia iGATE Solutions and iGATE Global Solutions Ltd, and is to arrange debts of about $215 million to fund the acquisition, which will be done through a reverse book building process.
iGATE will offer shareholders a minimum of 356.74 Indian rupees per share or $7.04 per share. This is lower compared to Patni's close on Wednesday at INR 388.85 on the National Stock Exchange, and INR 358.50 on the Bombay Stock Exchange.
In January 2011, iGATE agreed to acquire an 83 percent stake in IT services and BPO company Patni Computer Systems Ltd for $1.22 billion.
Manish (9958006642)
Information technology company iGATE Corp. (IGTE: News ) Wednesday announced its plans to delist Indian unit Patni Computer Systems Ltd (PTI: News ) from the US and Indian exchanges, in order to acquire a full stake in it. Following the news, Patni shares gapped up sharply and currently trading nearly 9 percent on the New York Stock Exchange.
iGATE plans to begin the delisting process through two of its subsidiaries, Pan-Asia iGATE Solutions and iGATE Global Solutions Ltd, and is to arrange debts of about $215 million to fund the acquisition, which will be done through a reverse book building process.
iGATE will offer shareholders a minimum of 356.74 Indian rupees per share or $7.04 per share. This is lower compared to Patni's close on Wednesday at INR 388.85 on the National Stock Exchange, and INR 358.50 on the Bombay Stock Exchange.
In January 2011, iGATE agreed to acquire an 83 percent stake in IT services and BPO company Patni Computer Systems Ltd for $1.22 billion.
Manish (9958006642)
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