AZB Wadia Ghandy and Hogan Lovells lead on iGates Patni delisting from stock exchanges

AZB Wadia Ghandy and Hogan Lovells lead on iGates Patni delisting from stock exchanges

Bar & Bench

US-based iGate Corporation has delisted equity shares of Patni from BSE Limited and National Stock Exchange of India and American Depository Shares of Patni from New York Stock Exchange for Rs. 1400 crore (approx. $271 million) with the total offer size of 26.8 million shares and the final offer price at Rs. 520 per share.

AZB & Partners advised Pan-Asia iGate Solutions and iGate Global with a team led by Partners Essaji Vahanvati and Varoon Chandra.

Wadia Ghandy advised Patni with a team led by Partner Ashish Ahuja while Hogan Lovells acted as International legal advisor to Patni. Hogan Lovells team was led by Partners Joseph Connolly, Peter Kohl and Marcia Wiss.

ET reports, the company accepted the discovered price of Rs. 520 determined through a reverse book building process using the electronic facility at the BSE, in accordance with the SEBI regulations. The public shareholders holding equity shares of the company were invited to submit bids via an offer that opened on March 28 and closed on March 30.

Last year, iGate Corp. and U.S. private equity fund Apax Partners had bought 63 percent stake in Patni Computer from General Atlantic LLC and the founders of Patni computers in a deal valued at around $1.22 billion (Rs. 6,750 crore).

AZB & Partners had advised Patni Computers while JSA had advised the Chairman & CEO of Patni Computers. Wadia Ghandy had advised the Board of Directors of Patni Computers.

Khaitan & Co had acted as the Indian legal advisors to iGate corporation while Kirkland & Ellis had advised private equity firm Apax Partners and iGate.

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