Market regulator Securities and Exchange Board of India (Sebi) has approved the $1.22 billion (more than Rs 5,400 crore) takeover of India's sixth largest IT firm Patni Computer by US-based iGate.
Sebi has issued final observations, made in an order dated March 25, on the deal which was awaiting regulatory nod for about two months.
Earlier, Sebi had sought reply from the Merchant Bankers (MB) - Kotak Mahindra Capital Company - of the deal on certain clarifications required for the clearance.
The open offer by the iGate was slated between March 4 and March 23.
In January, US-based iGate-led consortium had clinched a deal to buy nearly 63% stake in India's sixth largest IT firm Patni Computer Systems for about $921 million (Rs 4,188 crore) after several rounds of negotiations.
The deal size, however, will go up to about $1.22 billion, after the acquisition of 20% from public shareholders at the same price of Rs 503.50 a share through the mandatory open offer.
The aggregate price for the shares to be purchased in the open offer, assuming full tender, is estimated at $301 million.
Under the deal, iGate, in a consortium with private equity firm Apax Partners, will buy the entire 45.6% stake of Patni brothers -- Narendra Patni, Ashok Patni and Gajendra Patni -- along with General Atlantic's 17.4% holding.
Posts
5 comments:
I read your post . it was amazing.Your thought process is wonderful.The way you tell about things is awesome. They are inspiring and helpful.Thanks for sharing your information and views.
options trading
I really appreciate your post. It gives an outstanding idea that is very helpful for all
the people on the web. Thanks for sharing this information and I'll love to read your next
post too.
Regards: intraday tips
Great goods from you, man. I’ve understand your stuff previous to and you’re just too magnificent.I actually like what you’ve acquired here, certainly like what you’re stating and the way in which you say it. You make it entertaining and you still care for to keep it
sensible. I can not wait to read far more from you. This is actually a tremendous site.
Regards: stock market tips
I read your publish . it was amazing. The way you tell about things is awesome. They are motivating and beneficial.Thanks for giving your details and opinions.
Ncdex Agri Tips
The proposed regulation of investment advisors will benefit the industry once enforced, a senior Sebi official said here today.
MCX Tips Free Trial
Post a Comment