iGate says will lower its stake in Indian arm

By agencies   |   Thursday, 11 May 2006, 07:00 Hrs
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MUMBAI: U.S. based iGate Corp is considering the options of lowering its stake in India's iGate Global Solutions Ltd to help increase the floating stock, a top official said today.

A share issue is one option, said Ashok Trivedi, co-founder and co-chairman of U.S.-based iGate Corp, which owns 82.57 percent in the Indian company.

"We are aware of investor interest in the stock but we have to look at ways we can increase liquidity and the timing," he said.

"We will be discussing it this summer and will then take a decision which is acceptable to all stakeholders."

There is little liquidity now in iGate Global's shares in the Indian markets. On Wednesday, only 3,417 shares were traded on the BSE.

Phaneesh Murthy, chief executive officer of Bangalore-based iGate Global, said several funds were keen to invest in the company's shares.

"It is my goal to dilute the equity holding during the year... because it is going to help investors, employees in their stock options," he said.

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