Patni Computer Systems has rallied 6% to Rs 502 in morning trades, after iGate Corporation, the promoter of the company proposed to delist the company’s shares from the Indian exchanges and has set the base price of Rs 356.74 a share for delisting the shares.
“The process will start from March 28 and end on March 30," the company said in a public announcement made in a newspaper.
Earlier, in November, after acquisition of a majority stake in the company, iGATE said it would seek to buy Patni's shares and delist the outsourcing services provider. But it said it won't spend more than $215 million on the exercise, and that it won't go ahead if the price is more than Rs 450 a share. The promoter, iGate Corporation, holds 80.74% stake in the company as on March 9, 2012.
As many as a combined 314,278 shares have changed hands on the counter so far, against an average sub 52,000 shares that were traded daily in past two weeks.
