Nasdaq-listed iGate today announced that the company will start the delisting process for Patni Computer Systems. The process will open on March 28 and closes on March 30, according to the company’s announcement on the Bombay Stock Exchange.
The company’s announcement did not disclose the issue price, it did mention that the floor price for the buyback will be Rs 356.74. The process is subject to the acceptance of the discovered price or offer of an exit price by the ccquirer, said the company.
The announcement comes shortly after the senior management of the company had stated that they might have to delay the buyback due to the rising share price of Patni. The company’s stock price had hit an intra-day high of Rs 502, up 5.8% from the previous close.
iGate and Pan-Asia iGate Solutions hold 81.18% stake in the company. The promoters have until May 2012 to either reduce their shareholding in the company to 75% or acquire the outstanding shares of the company.