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Shares of Patni Computer Systems on Monday went up by over 3 per cent on the BSE after the company’s board approved stake sale to the US-based IT firm iGate for an estimated $915 million.
According to the deal, iGate would pick up 63 per cent stake in Patni at Rs 503 a share.
Reacting to the development, Patni rose by 3.66 per cent on the Bombay Stock Exchange to touch an early high of Rs 476.95. Similarly, the stock surged by 6.38 per cent on the National Stock Exchange.
“The Rs 503-a share pricing is good for the Indian IT major. Moreover, the deal is more valuable for iGate,” Stock Broking head of institutional business, Mr Prakash Diwan, said.
In terms of volume, over 21 lakh shares of Patni were traded on the two bourses.
“The market was expecting the stake sale to happen at or over Rs 540 a share so, in all likelihood the deal is more creamy for iGate,” CNI Research Chairman and Managing Director, Mr Kishore P. Ostwal, said.
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