Patni allots 2.11 lakh shares under stock option plan

IT solutions provider Patni Computer Systems today said it has allotted over 2.11 lakh underlying equity shares to Bank of New York and certain employees under the stock option plan.

The compensation & remuneration committee allotted one lakh underlying equity shares of Rs 2 each on December 18 to Bank of New York as depository in connection with issuance of American Depositary Shares (ADS), Patni Computer Systems said in a filing to the Bombay Stock Exchange (BSE).

The compensation & remuneration committee, through its resolution on December 9, allotted 111,400 equity shares of Rs 2 each to certain employees including 106,250 underlying equity shares to Bank of New York as depository in connection with issuance of ADS pursuant to the exercise of ADR-linked options.

Most of the business of Patni is subcontracted from its subsidiary companies in the United States, United Kingdom and Germany.

The company provides multiple service offerings to its clients across various industries comprising financial services, manufacturing companies communication, media and entertainment, product engineering services, and others.

Shares of the company closed at Rs 464.25, marginally down from the previous close on the BSE.