Delisting ups Patni Computers stock 11%

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iGATE said it would delist the stock and fixed a floor price of Rs 356.74. (AP) iGATE said it would delist the stock and fixed a floor price of Rs 356.74. (AP)
SummaryiGATE said it would delist the stock and fixed a floor price of Rs 356.74.

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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