iGate-Patni deal delays procedural, says source

MUMBAI, INDIA: U.S. software firm iGate's deal with Apax Partners for a majority stake in India's Patni Computer Services is still on the table but has been delayed due to procedural issues, a source with direct knowledge of the matter said on Monday.

Shares in Patni fell as much as 2 per cent a day after iGate cancelled a press conference scheduled for Monday, at which it was expected to announce the agreement with Patni.

The terms of the deal remains the same as earlier, including the price of around 500 rupees a share, the source said, valuing the deal at more than $900 million.