Patni Deal Finalised; Apax, Cerebrus To Pick Up 45%: Report
NDTV Profit reports that the stake sale in Patni Computers is finalised. It said private equity funds Apax Partners and Cerebrus Private Equity are picking 45 per cent stake in Patni. The sellers will include brothers Ashok and Gajendra Patni, who hold about 29 per cent stake. General Atlantic, the existing private equity investor, is also selling their 16.38 per cent stake.
The transaction is taking place at a substantial premium of Rs 700-720 a share, NDTV reports, and an open offer for furthr 20 per cent stake will follow. Avendus Advisors and Ambit Corporate Finance Pte are the two advisors in the deal.
The report further said elder brother Narendra Patni will continue in the company in a non-executive role for the next three to five years.
Patni shares are currently trading at Rs 532 levels.
