CNBC-TV18 learns from sources that iGate may reduce stake in Patni Computer Systems through two modes, reports CNBC-TV18's Kritika Saxena.
Currently, iGate holds 83% in Patni. As per the shareholding norms, iGate is required to bring this down to 75%. It needs to sell 8% to comply with regulatory norms. CNBC-TV18 understands that it is looking to sell the excess stake in two modes.
Sources say it is looking to sell the part of excess stake to foreign institutional investors (FIIs) or mutual fund investors. Second, it may sell 1-2% as stock options for employees.
There have been around three FIIs who have expressed interest to buy part of the stake. Discussions are on going yet. iGate has sometime to sell the stake. There is a timeline till March 2012 to make the final decision .
iGate has confirmed that there are indeed these options available wherein you can either sell through stock options to employees or you could sell through strategic open market stake sale or you could possibly look at buy back. However, it says nothing has been decided yet.
