Is the Patni family looking to exit Patni Computer Systems? Two private equity (PE) funds are learnt to have bid for controlling stakes in the mid-sized IT company.
Though the company dubbed it as “market speculation”, industry sources said the promoters are keen to exit.
The promoters—Patni brothers and their family members—hold around 46% stake in the company while General Atlantic Partners, a PE fund, holds another 16%.
The two bidding parties are understood to be PE fund Carlyle-Advent along with Vivek Paul, the former vice chairman of Wipro-iGate, a software services firm; and PE fund Apax Partners.
Both the bidding parties have indicated a price of around R500 per share.
The shares of Patni Computer Systems fell 3% to close at R468.30 on BSE on Monday.