MUMBAI, India, Sept. 7, 2012 (GLOBE NEWSWIRE) -- iGATE Computer Systems Limited (f/k/a Patni Computer Systems Limited) (the "Company"), a wholly owned subsidiary of iGATE Corporation (Nasdaq:IGTE), the first integrated technology and operation company providing Business Outcomes based solutions, today publicly announced its intention to apply for the voluntarily delisting of its American Depositary Shares ("ADSs") from the New York Stock Exchange (the "NYSE") on September 28, 2012. On August 31, 2012, a notice announcing the delisting of the ADSs from the NYSE was distributed to holders of ADSs as required by a deposit agreement dated December 7, 2005 by and between the Company and The Bank of New York Mellon, as Depositary. On September 18, 2012, the Company intends to file a Form 25 with the U.S. Securities and Exchange Commission (the "Commission") and it is expected that the last day of trading on the NYSE will be Friday, September 28, 2012. Then, the ADSs will transition to "level one status" and will be tradable on the U.S. over-the-counter market beginning on Monday, October 1, 2012.
Since listing its ADSs on the NYSE in 2005, the Company has complied with the disclosure requirements of U.S. securities laws and regulations and made efforts to enhance voluntary disclosures to assist U.S. shareholders and investors deepen their understanding of the Company. Meanwhile, on May 11, 2011, iGATE Corporation through its subsidiaries ("iGATE") completed the acquisition of approximately 83% of the outstanding shares in the Company and on March 14, 2012 commenced a delisting offer in India to (a) acquire all the remaining issued and outstanding equity shares, par value of Rs. 2 (the "Shares" or the "Common Stock") of its majority-owned subsidiary, the Company and (b) delist the shares from the Bombay Stock Exchange Ltd and the National Stock Exchange of India Limited (clauses (a) and (b), collectively, the "Delisting Offer"). In connection with the Delisting Offer, the Company opened a subsequent offering period through May 27, 2013, pursuant to which holders of ADSs can tender the shares underlying there ADSs at the price of Rs. 520 per share. This press release does not constitute and offer to purchase shares or ADSs in the Company. Holders wishing to tender their shares during the subsequent offering period should consult with the Schedule TO on file with the Commission.
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