Asia Bizz: iGate, a US based IT firm has offered to buy 20.6% stake of Patni Computers Systems India. Today Patni Computers is the country’s sixth largest IT firm, and iGate finally clinched the deal after passing several rounds of negotiations. Prior to the 20.6% stake, iGate had offered to buy out 63% of shares of the company, which amounted to around Rs.4188 Crore.
iGate has kept forward the deal after fulfilling all the requirements placed by the SEBI (Stock Exchange Board Of India). The current price of Patni’s share in the Indian market are priced at Rs.503 per share. The open offer kept forward by iGate to purchase Patni’s stake will commence on the 4th March and end on the 23th March.
After the deal is complete the entire acquisition is going to cost around $1.2 billion, as each share is priced at Rs.503.50. The acquisition is scheduled to be completed during the first half of 2011, after the company receives its regulatory approval.