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    Default iGATE accepts Patni delisting offer of R 520

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    US-based iGATE Corporation on Monday said it will offer Rs 520 per share to shareholders of Patni Computer Systems to get its Indian arm delisted from stock exchanges.

    The company accepted the discovered price of Rs 520 determined through a reverse book building process using the electronic facility at the BSE, in accordance with the Sebi regulations, iGATE officials announced at a press conference here.

    The public shareholders holding equity shares of the company were invited to submit bids via an offer that opened on March 28 and closed on March 30.

    "We believe that the price of Rs 520 provides both a reasonable premium to the Patni shareholders and is still accretive to iGATE shareholders while being strategic to the company", iGATE CEO Phaneesh Murthy said.

    "In addition, the better performance in Q4 2011 and the benefits of a streamlined corporate structure enabled us to arrange for some extra funding during the last week and raise the debt amount of $265 million", he said.

    US-based iGATE, along with private equity player Apax Partners, had acquired a majority stake in Patni for $1.2 billion and had paid Rs 503 per share in one of the largest IT deals in India.

    After the acquisition, iGate has said it wants to delist the domestic company from the Indian bourses and New York Stock Exchange by mid-2012.
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