Patni loses momentum, ends 0.82 pc up on BSE

Last Updated 10 January 2011, 11:53 IST

Patni settled the day at Rs 463.85, up 0.82 per cent on the Bombay Stock Exchange today. During the day, the stock gained 3.84 per cent to touch an intra-day high of Rs 477.80.
On the National Stock Exchange, the scrip settled at Rs 464.15, up 0.81 per cent.

"The Rs 503-a share pricing is good for the Indian IT major. Moreover, the deal is more valuable for iGate," Networth Stock Broking Head of Institutional Business Prakash Diwan said.

iGate and Apax Partners now have to make an open offer for an additional 20 per cent stake, as per market regulator Sebi's guidelines. If the share price of Rs 503 apiece is maintained, the value of the entire transaction will go up to USD 1.22 billion.

The iGate-Apax Partners Consortium has bought out the 45.6 per cent stake of the three Patni founders -- Narendra, Gajendra and Ashok Patni -- along with the 17.4 per cent stake of private equity firm General Atlantic.

The American software major will pay about USD 921 million for buying the 63 per cent share at a price of Rs 503.50 a piece.

In terms of trading volumes, over 40 lakh shares of the company changed hands on the two bourses today.

The stock had fallen by 3.47 per cent during the last five trading sessions.

Meanwhile, the BSE benchmark index Sensex fell for the fifth consecutive session today to close at 19,224.12, down 467.69 points, or 2.38 per cent.

(Published 10 January 2011, 11:53 IST)

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