iGATE fixes buyback offer price at Rs 410
iGATE Global Solutions said on Tuesday that the offer price for buyback of shares has been fixed at Rs 410 following the conclusion of the bidding process on November 30, 2007.
It has so far received 12 per cent of the outstanding shares, the company’s chief financial officer, Mr N. Ramachandran, said.
The bidding took place between November 26 and November 30, based on the floor price for each share which was fixed at Rs 289. This was based on the 26-week average share price preceding the EGM which was held on November 13.
The promoters who hold 81 per cent stake in iGATE needed at least 9 per cent more for delisting from the stock exchanges though they were free to mop up the rest of the entire stock. The promoters will now need to issue a notice to the stock exchanges for a formal delisting.
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