iGate offer for 20.6% in Patni
Nasdaq-listed iGate today made an open offer to acquire another 20.6 per cent in Patni Computer Systems. iGate will be paying Rs 503.5 per share.
The offer takes effect March 4 and closes on March 23. The total payout will be $301 million, which the company has made provision for. Yesterday, iGate made an announcement of the acquisition of a 63 per cent stake of the promoters. The company is to pay the promoters — three Patni brothers and private equity player General Atlantic — $921 million (Rs 4,144 crore).
Kotak Mahindra Capital will manage the open offer process. Patni’s stock closed at Rs 445.70 per share today, down 3.9 per cent.