iGate, Carlyle-Advent revise Patni bid

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iGate, Carlyle-Advent revise Patni bid

Unhappy with the bidding price Patni Computers promoters invited fresh bids for the stake sale. The promoters are open to price of Rs 560 per share and demanded non-compete fee from its bidders. Fujitsu, Carlyle-Advent and iGate were amongst the bidders eyeing Patni’s stake

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Excerpts from Power Breakfast on CNBC-TV18 Watch the full show » ALSO READ See latest News about Patni Computer See previous management interviews See what other Experts & Brokerages are saying about Patni Computer Patni Computer BSE | NSE 18/05/12 Are Mutual Funds betting on Patni Computer?

Unhappy with the bidding price Patni Computers promoters invited fresh bids for the stake sale. The promoters are open to price of Rs 560 per share and demanded non-compete fee from its bidders. Fujitsu, Carlyle-Advent and iGate were amongst the bidders eyeing Patni's stake.

Reports now suggest that two players, iGate and Carlyle-Advent have revised their bids. Fujitsu, however, did not submit a revised financial bid. The Patni promoters along with GA would soon evaluate these revised bids.

CNBC-TV18 learns that while iGate has revised their bid to include non compete fee Carlyle-Advent has refused non-compete fee.

The Patni computer board is likely to be presented the bids on December 28 and the board will consider the contours of the deal post promoter exit.