Patni Computer Systems Ltd will issue secondary American depository shares offering against 6.5 million equity shares held by its existing shareholders in India.
The board of directors has approved sponsoring a secondary ADS offering against equity shares held by its existing shareholders in India, which will consist of a maximum of 6.5 million equity shares, including the over-allotment option, if any, Patni informed the Bombay Stock Exchange.
Further the company has informed that the shareholders at the AGM held on June 14, 2005 had approved the primary ADR offering of up to $150 million.
Accordingly, the company is now planning a combined offering comprising primary and sponsored components. Since there will also be a secondary component in the total offering, the equity dilution may be less than that contemplated in the earlier offering structure of only primary shares, although the size of the total offering is currently not determined, it added.