Patni Computer Systems has rallied 18% to Rs 459 after its promoter iGate said it plans to delist shares of its Indian unit to obtain full ownership of the company. iGate holds around 80.4% stake in the company.
iGate will offer shareholders a minimum price of Rs 356.74 a share and intends to fund the acquisition through debt.
The de-listing process, to be done through reverse book building, is expected to be completed by mid-2012. The delisting is subject to approval of Patni shareholders and regulatory approvals, the company said in a filing to the stock exchanges.
A combined around 350,000 shares have changed hands on the counter in opening deals on both the exchanges.
