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iGATE to de-list from stock exchanges
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, 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 percent of iGATE Global solutions’ shares, he said.
At present, iGATE Corp and iGATE Inc. own 81.1 percent of iGATE Global Solutions. The balance 18.9 percent 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 shareholder’s 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.