Sebi clears iGate's 20 percent open offer of Patni
Tuesday, 29 March 2011, 06:57 IST
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New Delhi: Paving the way for iGate's USD 301 million (about Rs 1,349 crore) open offer for purchase of 20 per cent stake in Patni Computer from public shareholders, market regulator Sebi has cleared the deal. US-based iGate had announced in January a deal to acquire 63 per cent stake in Indian IT company Patni for a total consideration of USD 921 million (Rs 4,188 crore). Besides, iGate had also announced an open offer for purchase of up to 20 per cent stake from public shareholders, taking the total deal size to USD 1.22 billion (Rs 5,400 crore). The aggregate price for the shares to be purchased in the open offer, assuming full tender, is estimated at USD 301 million. The open offer, which was earlier scheduled to begin on March 4, got delayed as it was awaiting a clearance from Sebi.
Source: PTI
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