The Patni Computers promoters are likely to invite fresh bids for the stake sale. Kritika Saxena reports that the promoters are open to price of Rs 560 per share and have demanded non-compete fee from its bidders.
In the race for the Patni stake right now, are iGate, Carlyle and Fujitsu; with iGate emerging as the highest bidder so far.
Talks to sell a stake in the software services exporter have been going on for about two years, but Patni has failed to seal a deal due to valuation gaps with potential buyers.
The founding Patni brothers are looking to sell their 46% stake, while private equity firm General Atlantic plans to sell its roughly 17% holding.
Two sources with direct knowledge of the matter said on Friday that a deal hinges on whether all three founding brothers agree to terms of a deal to sell their stakes.
Patni, a mid-sized Indian IT services firm also listed in New York, provides technology outsourcing services to industries such as insurance, telecom, utilities and retail.
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