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i-Gate Corp has agreed to buy out the minority shareholders of subsidiary Patni Computer Systems (PCS). i-Gate will pay Rs 520 a share and delist the Indian software services company from Indian stock markets. Nasdaq-listed i-Gate will spend USD 272 million on the delisting.
IT player Patni Computer Systems is gearing up for its takeover by I-Gate. The changes in top management team are the first winds of change it will feel, starting with the exit of CEO Jeya Kumar.
Patni Computer Systems touched an intraday high of Rs 474.65 and an intraday low of Rs 465. At 09:24 hrs the share was quoting at Rs 472, up Rs 4.70, or 1.01%. i-Gate has got nod from SEBI to purchase 20% stake in the company through open offer, reports Business Standard.