SP Tulsian of sptulsian.com is of the view that there is not much upside in Patni Computer from here on.
Tulsian told CNBC-TV18, "Patni Computers, I have been maintaining my view that there is no reason for the management to pay less than Rs 500. Infact last acquisition for the Patni brothers was made at Rs 504 followed by the open offer."
He further added, "Management at that point of time has indicated they won't be able to cough up more than USD 250 million or whatever figure which was working out at about Rs 450 per share. Infact Phaneesh Murthy has categorically stated on the channel that it won't be feasible for them or they may have to rethink if the discovered price or the price gets discovered beyond that. But I won't buy that logic."
"I expect that iGate is serious in going for the delisting, going by the tradition and going by the past track record and in my view the discovery or the delisting price will get discovered somewhere around Rs 500 because I don't think that much of the problem will be seen in mobbing up the required or the desired number of shares because of the public float held by the FIIs and the GDRs. So that seems to be very much in their control and considering that I was thinking that probably it may not be able to move beyond Rs 470-475 in the secondary market. So, probably it has reached to its point. I don't think that much upside is seen here on but the delisting should be taken at around Rs 500 per share."
