The Hindu : Business : iGATE to de-list from stock exchanges

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Thursday, Oct 11, 2007
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iGATE to de-list from stock exchanges

Staff Correspondent

CHENNAI: iGATE Corporation, a U.S.-based provider of global IT and BPO services (iGATE), announced on Wednesday its intention to de-list its offshore subsidiary, iGATE Global Solutions Ltd (iGS), from the Bombay, National and the Bangalore stock exchanges.

The Chief Executive Officer of iGATE Global Solutions, Phaneesh Murthy, told this correspondent that the de-listing was subject to the approval of regulatory agencies and the shareholders. iGATE would be de-listed after iGATE Corporation and its affiliate iGATE Inc. acquired over 90 per cent of iGATE Global Solutions’ shares, he said.

At present, iGATE Corp and iGATE Inc. own 81.1 per cent of iGATE Global Solutions. The balance 18.9 per cent was with the public, which was equal to 5.9 million shares.

Mr. Murthy said the floor price for the buy-back would be calculated by taking 26-week average price from the date of public announcement, which follows immediately after the shareholder meeting.

The shareholders’ meeting seeking approval for de-listing is set for November 13.

Mr. Murthy said that three years ago, the company wanted to change its capital structure and integrate all its companies under one umbrella.

It wanted to have one stock and one asset.

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