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Japan's leading information technology services and solutions provider, NTT Data Corporation, has emerged as the most aggressive suitor for Indian software services firm Patni Computer Systems. NTT is in advanced talks with the promoters of Patni Computer to buy their combined 46.5 per cent stake, investment banking sources said.
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Patni Computer Systems Ltd will issue secondary American depository shares offering against 6.5 million equity shares held by its existing shareholders in India.\n\n
Patni's margin pressures have eased and their topline growth is robu
IT services exporter Patni Computer Systems Ltd has appointed Massachusetts Institute of Technology professor and business strategist Michael A Cusumano as an independent director on its board.
Police sources had said on Tuesday that Patni, prime accused in the August 25 bombings in Mumbai, had been detained in Dubai.
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.
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.
The initial public offering for Patni Computers Systems Ltd was oversubscribed by 2.75 times on Tuesday, the first day for 100 per cent book built issue, with maximum bids at price of Rs 230 per share.
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.
NTT had earlier sought the combined 63 per cent stake of the promoters and private equity firm General Atlantic Partners, but their exclusive talks failed due to a valuation mismatch.
Mumbai-based Patni Computer System's stake sale has been stalled, perhaps indefinitely, according to sources close to the development.
The current talks on stake sale by its promoters at India's seventh largest information technology services company, Patni Computer Systems, seem to be in the final stages. Whichever way the deal swings, analysts feel the company will lose some business.
Japanese information technology services firm NTT Data Corporation is still in talks to acquire stake in Patni Computer Systems, despite acquiring Intelligroup for $199 million (around Rs 895 crore), say sources in the investment banking industry.
India's sixth largest software exporter Patni Computer Systems on Wednesday said it was actively scouting for acquisitions.
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.
IT consulting and services provider Patni Computer Systems Ltd on Tuesday announced the appointment of Loek van den Boog as an independent director on its board.
Patni Computer is understood to have cleared nearly 63 per cent stake sale to US based iGate and a consortium after several rounds of negotiations for an estimated amount of over Rs 4,000 crore (Rs 40 billion).
Patni Computer Systems Inc, a wholly-owned subsidiary of Patni Computer Systems, on Monday announced the acquisition of Bridgewater, NJ-based Taratec Development Corp for an aggregate price of $27.2 million in cash.
The establishment of the El Paso site follows Patni's recent move to open a nearshore center in Queretaro, Mexico.
iGate Patni is all set to compete with the likes of IBM, Accenture, Infosys and Congnizant.
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A stake sale deal between Patni Computer Systems and iGate is on course, but has been delayed due to procedural issues.Sources involved in the deal said they include tax-related developments and offshore transaction fees.
Software exporter Patni Computer Systems would have to take up additional burden of up to $33 million, following a review of tax liabilities of its US operations.
For the quarter ended September 30, 2011, iGate Patni had 26,216 employees compared to 26,395 people in the previous quarter.
"Japan currently accounts for 5 per cent of our revenues but we see this touching 9 per cent in the next three years. Business from Japan grew almost 35 per cent last year and we expect healthy growth from this region," said Deepak Khosla, senior vice-president and head, Asia-Pacific. Patni company has been in Japan for over 10 years but, in the past two years, the momentum of deals has increased considerably.
IT consultancy and services provider Patni Computer Systems has acquired US-based The Reference, a financial and investment solutions provider, for $7.5 million in cash, including its 44 existing employees.\n\n
Jahid Patni, deported from Dubai recently, was arrested Saturday and remanded by a special court to police custody till December 15.
Patni Computer Systems Ltd, which was listed on the stock exchanges recently, has posted a net profit of Rs 166.05 crore for the year ended December 2003.
Patni Computer Systems has completed the acquisition of US-based Cymbal Corporation for $68 million, helping it enter the $60 billion telecommunication vertical for IT services.
The deal is multi-million pound multi-services telecom contract with The Carphone Warehouse, Britain's largest independent retailer of mobile communications. \n
Home appliances major Electrolux on Tuesday said it will invest Rs 40 crore (Rs 400 million) by 2007 in a research and development centre here, besides sourcing IT services from Patni Computers as well as components from India.
Patni Computer Systems Ltd will spend Rs 1 billion ($23 million) to set up a new software development centre in Pune, the company informed the Bombay Stock Exchange said on Thursday.
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