Apax Eyes Patni

Apax Partners is said to be interested in buying a controlling stake in Mumbai-based Patni Computer Systems for over $800 million, The Economic Times reported.

The paper cited sources as saying that two mid-tier Indian IT companies and some private equity funds are also looking at acquiring stakes in the company.

Patni Computers was founded by three brothers Ashok, Narendra and Gajendra Patni, who together own 44% in the company. Gajendra and Ashok together hold a 28% stake and are looking to exit the company, while Narendra Patni will continue to retain his 16% stake.

Private equity firm General Atlantic is also looking to sell its 16% stake in the company, the paper said.

The paper quoted sources as saying that Apax is willing to pay an 8-10% premium over Patni's existing share price for the stake.