New Delhi: A significant stake in IT firm Patni Computer Systems maybe on the block. But that's happening without CEO and Chairman Narendra Patni's consent.
Sources told CNBC-TV 18 that Patni was unaware of his brothers' plans of selling major stake in the company to big IT players in the market. Patni Computer Systems, which is the country's oldest and 6th largest IT company, may soon have new investors. Patni Computer Systems’ promoters - Ashok Kumar Patni and Gajendra Kumar Patni who together own about 29 per cent in the company may have put their stakes up for sale.
However their brother, Chairman and CEO of the company Narendra Patni did not confirm or deny that. “All I can tell you is that AK Patni and GK Patni are major shareholders in the company and all shareholders are free to sell their shares,” he said.
On whether that applied to Narendra Patni, he said, “I am committed to this company. I have told employees and customers that I am not selling; I am not one of the sellers.”
While the rumour mills point towards IBM, Accenture, Capgemini and other IT companies as potential buyers, Narendra Patni said it is private equity players that have always been interested.
Patni added, “If a private equity investor could combine his equity purchase and we can relate it to its IT spend, it can make a good contribution to the company.”
And, at the right price, Patni himself may consider buying more of his company. In the coming months investors in Patni would seek further clarifications on what exactly is going on in the company. Unless that happens, rumour mills will continue adding fire to the speculation.
Patni Computer Systems shares closed at Rs 555, down about 1 per cent Friday.
Source: Moneycontrol.com
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