August 20, 2007 / 4:41 AM / 12 years ago

PE Texas, Apax to buy stake in India Patni -report

BANGALORE, Aug 20 (Reuters) - Private equity firms Texas Pacific Group [TPG.UL] and Apax Partners are close to buying some of the founders’ stake in India’s Patni Computer Systems Ltd PTNI.BO, the Business Standard newspaper reported on Monday, citing unnamed sources.

Gajendra and Ashok Patni, two of the three brothers who founded the software services firm, are looking to sell their stake, local media had earlier reported. Their holding in the company total about 29 percent. The agreement between one of the private equity partners and the Patni brothers is likely to be signed next month, Business Standard said.

A spokeswoman for New York-listed Patni PTI.N, which counts General Electric Co (GE.N) and ABN AMRO AAH.AS among its clients, said the company had no comment to make on the report.

Chairman and Chief Executive Narendra Patni, who holds about 15 percent of the company, will buy out a part of the stake on offer while the private equity firms will pick up the remaining, the daily said.

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