iGATE to delist Indian company from markets
IT and BPO service provider iGATE Corporation has announced it would delist its offshore subsidiary, iGATE Global Solutions Limited (iGS) from the Bombay Stock Exchange, the National Stock Exchange and the Bangalore Stock Exchange.
According to the press release issued by the company, the delisting is subject to the approval of iGS shareholders and regulatory approval. If consummated, the purchase of the publicly held shares in connection with the delisting will be done in accordance with the delisting guidelines of the Securities and Exchange Board of India through a shareholder led reverse book building process.
The shares of iGate Global on Wednesday surged 10 per cent and got stuck after hitting its upper circuit limit of Rs 348.80 in early trade on BSE.
iGATE CEO Sunil Wadhwani said that the board of directors of the company had unanimously approved this to simplify their capital structure and eliminate the necessity for maintaining multiple listings and multi jurisdictional filings.
The delisting process is expected to be completed by December 2007. However, iGATE Corporation will continue to be listed on Nasdaq and will continue to make all periodic reports with the United States Securities and Exchange Commission.
The release said that the phase four construction of the Rs 110 crore campus in Bangalore would begin.
