IT firm Patni Computer Systems Ltd. said it had received shareholders' nod for delisting the company from the Indian bourses and the New York Stock Exchange.
It said the shareholders have approved the delisting proposal with a "requisite majority''.
As per the delisting proposal, equity shares of Patni would be delisted from the Bombay Stock Exchange as well as the National Stock Exchange and its American Depository Receipts (ADRs) would be delisted from the New York Stock Exchange.
US-based iGate acquired Patni Computer Systems last year and intends to delist the domestic company from the Indian bourses and the New York Stock Exchange by mid-2012.
iGate had acquired a majority stake in Patni in January this year for $1.22 billion in one of the largest deals in the Indian IT sector. Following an open offer, iGate now holds around 82 per cent stake in Patni.
The delisting will be done through the reverse book-building process and iGate has indicated a floor price of Rs.356.74 per share, the minimum level at which shares have to be purchased.
However, iGate has the right of not purchasing the offered shares if the final price discovered through the above process is not acceptable to it.
On November, 16, 2011, the board of directors of Patni Computer approved the delisting proposal.
At the BSE, Patni Computer closed Monday's trading at Rs 465, up by 0.20 per cent from the previous close.
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