Private equity firms Texas Pacific Group and Apax Partners are close to buying some of the founders' stake in India's Patni Computer Systems Ltd.Gajendra and Ashok Patni, two of the three brothers who founded the software services firm, are looking to sell their stake, local media had earlier reported.
Their holding in the company totals to about 29 per cent. The agreement between one of the private equity partners and the Patni brothers is likely to be signed next month, the media said.
A spokeswoman for New York-listed Patni, which counts General Electric Co and ABN AMRO among its clients, said the company had no comment to make on the report. Chairman and Chief Executive Narendra Patni, who holds about 15 per cent of the company, will buy out a part of the stake on offer while the private equity firms will pick up the remaining, the daily said.
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