i-Gate approves Patni delisting at Rs 520; stk up

i-Gate has approved Patni Computer Systems delisting at Rs 520 per share, reports CNBC-TV18.

iGate accepted the discovered price of Rs 520 determined through a reverse book building process using the electronic facility of the BSE, in accordance with the SEBI Regulations.

Also Read - Delisting fulfills vision of 'one company': Patni CEO

The Public Shareholders holding equity shares of the Company were invited to submit bids via an offer that opened on March 28, 2012 and closed on March 30, 2012.

Phaneesh Murthy, CEO, iGate said, "We believe that the price of Rs.520/- provides both a reasonable premium to the Patni public shareholders and is still accretive to iGate shareholders while being strategic to the company. In addition, the better performance in Q4 2011 and the benefits of a streamlined corporate structure enabled us to arrange for some extra funding during the last week and raise the debt amount to USD 265 million."

Patni Computer Systems touched an intraday high of Rs 509 and an intraday low of Rs 503.90. At 09:21 hrs the share was quoting at Rs 505, up Rs 9.70, or 1.96%.
 
It was trading with volumes of 21,124 shares. In the previous trading session, the share closed up 0.84% or Rs 4.15 at Rs 495.30.

The share touched its 52-week high Rs 520.85 and 52-week low Rs 250.00 on 23 Mar, 2012 and 22 Aug, 2011, respectively. Currently, it is trading -3.04% below its 52-week high and 102% above its 52-week low. Market capitalisation stands at Rs 7,490.62 crore.