Two Patni brothers — Ashok and Gajendra — who together own about 29 per cent stake in Patni Computers, the country’s sixth largest IT services company, are close to selling 20 per cent of their holdings for around Rs 1,750 crore.
While a part of the stake is expected to be bought by Narendra Patni, the eldest brother and chairman & chief executive officer of the company, a couple of private equity funds will buy the balance, sources close to the developments said.
The deal values the company at Rs 8,750 crore and is likely to take place at Rs 630 a share, which is an over 12 per cent premium to the stock’s closing price of Rs 561.30 on the Bombay Stock Exchange today. Many private equity funds such as Apax Partners and Blackstone are in the race to buy the stake on offer.
Ashok and Gajendra Patni will each retain a 4.5 per cent stake in the company.
Read more in The Business Standard article.
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