UPDATE 1-IGate secondary offering priced at discount, shrs fall

* Co-founders to sell 4 mln shares at 15 pct discount

* Shares fall 11 pct

April 21 (BestGrowthStock) – Shares of iGate Corp (IGTE.O: ) fell 11
percent Wednesday after the information technology and
outsourcing services provider said its co-founders will sell a
portion of their stake in a discounted offering.

Co-chairmen Sunil Wadhwani and Ashok Trivedi plan to sell 4
million shares in a public offering at $11.25 per share, a
discount of 15 percent to the stock’s close Tuesday, iGate said
in a filing with the U.S. Securities and Exchange Commission.

Before the offering, Wadhwani and Trivedi beneficially
owned about 56 percent of iGate’s common stock as of March 31.

After the offering, Wadhwani will own about 24.3 percent,
while Trivedi will own about 21.2 percent of iGate’s stock.

Shares of the company were down 9 percent at $12.05 in
afternoon trade on Nasdaq. They earlier touched $11.80.

More than 1.9 million shares changed hands by 1415 ET, 10
times above the stock’s 10-day moving average volume.

Growth Stocks

(Reporting by Deepti Govind in Bangalore; Editing by Gopakumar
Warrier)

UPDATE 1-IGate secondary offering priced at discount, shrs fall