Mumbai, Dec. 27: The long-running saga involving Patni Computer Systems — the country’s sixth largest software exporter — is set to reach its denouement with the iGate-Apax consortium looking a cinch to pick up a 63 per cent stake in a deal valued at just under $1 billion.

iGate, headed by Phaneesh Murthy, has emerged as the highest bidder for the Patni stake, outwitting the private equity combine of Carlyle and Advent.

The deal could be announced as early as next week.

There are unconfirmed reports that Carlyle has revised its bid but this could not be independently verified. Market circles say iGate and Apax have offered between Rs 500 to Rs 530 per share for the stake. Carlyle had offered just over Rs 480 per share. The Patni Computer share closed at Rs 486.40 on the Bombay Stock Exchange today.

If the deal is struck, it will bring down the curtains on negotiations that have dragged on for over three years with the promoters of Patni unable to agree on the terms of the deal.

The three Patni brothers — Narendra and his younger brothers Gajendra and Ashok — had earlier held discussions on the stake sale with NTT Data Corp and Fujitsu of Japan.

Earlier, the younger brothers had attempted to sell a part of the promoters’ stake. However, their efforts failed as Narendra Patni was not comfortable with the valuations offered then.

The Patni brothers and their families now hold around 45.8 per cent. General Atlantic has over 17 per cent in the company. It is expected that all these entities will sell their stakes. The winner will, therefore, have to announce an open offer to acquire an additional 20 per cent stake in the company from its minority shareholders.