iGate to extract Patni from Indian Markets
iGate has disclosed plans to delist Patni Computers from Indian markets. The delisting, a long-drawn process, could cost the Indian IT major nearly $200-300 million. iGATE will be the first bringing down its stake from the current 83 per cent to 75 per cent in order to meet SEBI guidelines. This has to happen in the first year post acquisition that is within 11th May, 2012. To boost employee retention and meet the 75-per cent norm, iGate-Patni has also started issuing equity stock options to employees.
"For the 60-70 people that we have rolled roughly 1.6-1.7 million shares, from an equity perspective is almost 3-4 per cent of the company. The board has always been supportive of employee ownership in a company and we will continue to roll out ESOP to the levels that it makes sense," Phaneesh Murthy, CEO of iGATE Patni, said.
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