Patni Computer Systems will issue secondary American Depository Shares (ADSs) against 6.5 million equity shares held by existing shareholders in India.According to a release issued by Patni to the BSE today, "the board has approved sponsoring a secondary ADS offering against equity shares held by existing shareholders in India, which will consist of a maximum of 6.5 million equity shares including the over-allotment option."The release added that shareholders had approved a primary ADR offering of up to $150 million at the AGM held on June 14, 2005."Accordingly, the company is now planning a combined offering comprising primary and sponsored components. Since there will also be a secondary component in the total offering, the equity dilution may be less than that contemplated in the earlier offering structure of only primary shares although the size of the total offering is currently not final," the release added.
