Patni Computer Systems' shares rose nearly 6%, touching the monthly high of Rs502, 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 Rs356.74 a share for delisting the shares.
“The process will start from March 28 and end on March 30,' the company said.
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 Rs450 a share. The promoter, iGate Corporation, holds 80.74% stake in the company as on March 9, 2012.
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“The process will start from March 28 and end on March 30,' the company said.
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 Rs450 a share. The promoter, iGate Corporation, holds 80.74% stake in the company as on March 9, 2012.
....more info