Narendra Kumar Patni, pioneer of India's information technology (IT) services revolution, passed away in the US.
Investment banking sources say the three Patni brothers have now agreed on the sale process, along with private equity player General Atlantic.
With Narendra Patni refusing to give up management control, all talks over the proposed stake sale by the major stakeholders of Mumbai-based Patni Computer Systems have ended. This development leaves Narendra Patni firmly in the saddle - at least till December 2008, when his tenure expires - especially now that his brothers have given up executive control.
US-based iGate on Monday said it has acquired nearly 63 per cent stake in country's sixth largest IT firm Patni Computer Systems for $1. 22 billion.
IT firm iGATE on Thursday announced the successful completion of Patni acquisition and appointment of Phaneesh Murthy as CEO of Patni.
For iGate CEO Phaneesh Murthy, slipping into Patni's shoes as promoter of the company that bears the latter's name could prove one of the biggest challenges of his career.
US-listed iGate's open offer for buying a little over 20 per cent stake in Indian IT company Patni Computer Systems will begin on April 8 and close on April 27.
Having spent the first 90 days meeting employees and key clients, Jeya Kumar, new CEO of Patni Computer Systems, is clearly in control. While he acknowledges concerns due to the current slowdown, he has started restructuring the company. He details the growth plans in a chat with Business Standard's Shivani Shinde.
Promoters Narendra Patni and his younger brothers Gajendra and Ashok hold equal stakes totalling 48.3 per cent in India's sixth largest software exporter.
Sources close to the development said the agreement between one of the private equity partners and the Patni brothers, who jointly hold 29 per cent stake, is expected to be signed next month.
Eldest brother may buy part of the shares; private equity to pick up rest.
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