Final bids for Patni stake this week

By : |December 20, 2010 0

MUMBAI, INDIA: Private equity funds will submit final bids early this week to buy a stake in India’s Patni Computer Systems , the Economic Times reported on Monday, without naming its sources.

A consortium that includes Carlyle and Advent and a rival grouping of IT services firm iGate Corp and Apax Partners are in the race for the 63 percent stake, owned by private equity firm General Atlantic and Patni’s founders, the report added.

The bids could be in the range of 500-550 rupees a share, the report said, citing banking sources it did not name. The bid submission will be followed by an announcement for an open offer for a minimum of 20 percent stake, the report added.

The founding Patni brothers are looking to sell their 46 percent stake while General Atlantic plans to sell its roughly 17 percent holding, sources had told Reuters in November.

Credit Suisse is advising General Atlantic, while Ambit is advising the Patni founders, the report added.

Reuters could not reach the company officials immediately for comments.

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