Patni files 6.87 mn ADS with SEC

Patni Computer Systems has filed a registration statement (form F-1) with the Securities and Exchange Commission (SEC) for its initial public offer for 6.87 million American Depository Shares (ADS). Each ADS represents two equity shares of Rs 2 each.

According to a release issued by Patni Computer to the BSE, the company will be issuing 5.12 mn ADS, while shareholders will be eligible to convert up to equity shares upto 1.75 mn ADS, under the sponsored ADS offering, which was earlier approved by members of the company and FIPB.

Further, the underwriters have the option to purchase up to an additional 1.03 ADS from the company to cover overallotments, if any.