iGATE delisting bid opens at Rs 288.90/share

US-based iGate Corporation, a provider of IT & BPO services, which intends to delist its offshore subsidiary in India, iGATE Global Solutions, has fixed the floor price at Rs 288.90 per share - the average of the last 26-weeks high and low closing prices on the NSE.

The company has set November 26 as the bid opening date to acquire 6.05 million shares representing 19.09% of the fully-paid up equity shares of the company.

The acquirer will announce the discovered price, the exit price and its decision to either accept the discovered price or offer an exit price in accordance with the time table set out.

The closing date for acquiring the shares with a face value of Rs 4 each is November 30, the company said in a statement to the stock exchange today.

The iGate shares were down 0.1% at Rs 356.25 on the BSE today.