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Moving toward delisting of Patni Computer Systems (PCS), IT company iGate Patni will start buyback of the company’s shares at a minimum price of Rs 356.74 a piece from March 28.
“The Promoters and iGATE Corporation have made the public announcement to the holder of shares ... to acquire all outstanding shares held by the public shareholders,” Patni said in a filing to the BSE.
The company will start bidding process for shares from 10 am of March 28 at floor price of Rs 356.74 per share, it said.
US-based iGate acquired a majority stake in Patni in January this year for $1.2 billion in one of the largest deals in the Indian IT sector.
After acquisition iGate has said it wants to delist the domestic company from the Indian bourses and New York Stock Exchange by mid-2012.
In January, IT firm Patni Computer Systems has received shareholders’ approval for delisting the company from the Indian bourses and the New York Stock Exchange.
The shares of PCS were trading up at Rs 435.20, up by 4.45 per cent, in afternoon session.
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