General Atlantic (GA) is likely to open bids in order to sell its stake in Patni. CNBC-TV18's Kritika Saxena reports.
Here is a verbatim transcript of her comments on CNBC-TV18. Also watch the accompanying video.
Patni promoters may look to exit Patni completely and sell its stake. It is difficult to understand why large companies like IBM and Del Perot have approached Patni promoters since they do not plan to sell it now. They will wait for Patni valuations to scale up slightly higher.
GA is looking to exit and is also talking to several players. So far they have about five bidders who have confirmed that they will be opening bids in the next two weeks. The bids have not come in yet. The prices, which have been discussed, are in range of USD 200-220 million. GA was expecting a 10% premium to the current market price which stands at USD 225 million. Hence, they will not settle below USD 240-250 million.
It is now a wait and watch for another two weeks. GA will be looking at a higher scale. GA, Patni and IBM did not comment. GA said that as per the policy, they cannot give details on liquidity plans.
