Delisting ups Patni Computers stock 11%
Agencies: Nov 17 2011, 10:16 IST
Shares in Phaneesh Murthy-led Patni Computers rose as much as 11.2 percent after promoter US-listed iGATE said it would delist the stock and fixed a floor price of Rs 356.74.
In May 2011, iGATE had acquired Patni at Rs 503.5 a share.
We believe that the delisting is a good opportunity for the Patni minority shareholders to tender their shares and exit at a strategic premium to the fair value, we expect the delisting price to be closer to the previous open offer price of 500 rupees, IDFC Institutional Securities said in a note.
At 10.07 a.m., the stock was at 420.10 rupees, up 8.11 percent.
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