iGATE Corporation (iGATE) today said that it has initiated the delisting of Patni Computer Systems, its Indian subsidiary.
The delisting is subject to the approval of the Patni shareholders and regulatory approvals. If consummated, the purchase of the ordinary shares of Patni in connection with the delisting will be carried out in accordance with the delisting regulations of the Securities and Exchange Board of India.
The price for the delisting process is to be determined by way of reverse book building process, the floor price for which is Rs. 356.74 per ordinary share. The American Depositary Shares (ADSs) representing the ordinary shares of Patni could also be delisted.
However, iGATE has the right not to purchase the offered shares if the final price discovered through the above process is not acceptable to it.
iGATE acquired Bombay based Patni Solutions in January this year for Rs 5,560 crore or USD 1.22 billion, which amounted to Rs 503.50 per share. This deal was considered to be one of the largest acquisitons in the domestic information technology industry.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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