iGATE Global to delist from bourses

iGATE Corp, a Pennsylvania corporation and provider of global IT and BPO services announced its intention to delist its offshore subsidiary, iGATE Global solutions, from the Bombay Stock Exchange, the National Stock Exchange, and the Bangalore Stock Exchange.

As per the law, the company would be delisted after iGATE Corp and its affiliate iGATE Inc acquire over 90 per cent of its common stock. iGATE Corp and iGATE Inc currently own 81.1 per cent of the offshore Indian subsidiary.

Subject to the approval of the iGATE global shareholders and regulatory board, the delisting would be done as per SEBI norms through a reverse book building process.

iGATE Corp reserves the right not to effect delisting if the final price is not acceptable to its board, the company said solutions said in a filing with the BSE.

The delisting, if successful, is expected to be completed by December. iGATE Corp would continue to be listed on Nasdaq.