The announcement was made after market hours on Monday, 9 April 2012.
Meanwhile, the BSE Sensex was down 23.24 points, or 0.13%, to 17,198.90.
On BSE, 67,000 shares were traded in the counter as against an average daily volume of 39,936 shares in the past one quarter.
The stock hit a high of Rs 509 and a low of Rs 503.90 so far during the day. The stock had hit a 52-week high of Rs 520.85 on 23 March 2012. The stock had hit a 52-week low of Rs 250 on 22 August 2011.
The stock had outperformed the market over the past one month until 9 April 2012, gaining 4.16% compared with the Sensex's 1.61% fall. The scrip had, however, underperformed the market in past one quarter, rising 6.39% as against 8.90% rise in the Sensex.
The mid-cap IT company has an equity capital of Rs 27.14 crore. Face value per share is Rs 2.
The delisting price of Rs 520 is 2.97% premium to the ruling market price and 4.99% premium to Monday's (9 April 2012) closing price of Rs 495.30 on BSE.
iGATE Corporation said it has accepted the discovered price of Rs 520 per share to delist iGATE Patni from the Indian stock exchanges and shall accept all the bids at or below that price.
Phaneesh Murthy, CEO, iGATE Corporation said, “We believe that the price of Rs 520 provides both a reasonable premium to the Patni public shareholders and is still accretive to iGATE shareholders while being strategic to the company. In addition, the better performance in Q4 2011 and the benefits of a streamlined corporate structure enabled us to arrange for some extra funding during the last week and raise the debt amount to $265 million.”
The remaining shareholders of Patni post the delisting will be able to offer their shares at the discovered price during the period of one year from the date of delisting. A separate offer letter in this regard will be sent to the shareholders who have either not participated in the offer or whose shares have not been accepted under the offer, iGATE Corporation said in a statement.
iGATE acquired majority ownership in Patni at about Rs 503 per share in January 2011, along with private equity firm Apax Partners.
iGATE Patni's consolidated net profit surged 122.02% to Rs 200.42 crore on 12.14% increase in net sales to Rs 997.30 crore in Q4 December 2011 over Q3 September 2011.
iGATE Patni is the common brand identity of two organisations - iGATE and Patni as a result of the acquisition of Patni Computer Systems by iGATE Corporation in 2011. iGATE Patni, a multi-location global organization, consistently delivers effective solutions to Fortune 1000 clients spanning across verticals like: banking & financial services; insurance & healthcare; life sciences; manufacturing, retail, distribution & logistics; media, entertainment leisure & travel; communication, energy & utilities; public sector; and independent software vendors.