iGATE Solutions plans to delist from India Stock Exchanges
Bangalore based Software services company iGATE Global Solutions Ltd has announced delisting from Indian stock exchanges. The stock price was up by 10 percent today in opening trades. iGATE Global Solutions was locked in 20% upper circuit limit yesterday as well after the news of de-listing came. The company offers software services and is supported by US based iGATE Corp. iGATE Global Solutions reported excellent results for second quarter ended 30, Sep, 2007.
The net profit for the second quarter stood at Rs 22.9 crore compared to Rs 10.1 crore for the same quarter last year. The stock closed at Rs 317.10 yesterday with a gain of Rs 52. The delisting may be completed by end of this year by reverse book building process.
iGATE Corp wants to delist the company from Indian Stock markets and the Board of Directors of iGATE Global Solutions will meet today to make a final decision.
The board of directors of iGATE will meet on Wednesday to consider the matter.
iGATE offers services for computer networks and call centers. iGATE has shown a great performance in past few quarters.