Mumbai, Jan. 3: The much-awaited stake sale in Patni Computer Systems to iGate has been put on hold.

The deal — which was supposed to be announced today — ran into a gridlock with the Patni board seeking more details on the integration plan that had been proposed by the US-based iGate even as Patni’s promoters insisted on the payment of a non-compete fee.

Earlier, it was expected that the Patni board would ratify the proposal at its meeting today. Patni maintained a studied silence on the deal, and it is learnt that the two sides would start fresh talks to break the impasse.

Sources who remained optimistic about the deal said there were only two sticking points in the agreement. First, the promoters of Patni are holding out for a higher non-compete fee than iGate is ready to pay.

Second, Patni has also sought more details from iGate about the integration plans because it could change the culture at Patni and spark employee attrition.

As a result, iGate was forced to call off a press conference in Bangalore where it was supposed to announce a “significant corporate development”. Patni shares came under pressure on the stock exchanges today with the scrip losing 1.48 per cent to close at Rs 469.60. Earlier, it had hit a day’s low of Rs 459.15.

iGate, now headed by Phaneesh Murthy and backed by Apax Partners, is expected to pay anywhere between Rs 500 and Rs 550 per share to acquire a little over 60 per cent in Patni.

This includes the 46 per cent by founder and promoter Narendra Patni and his two brothers and the 17 per cent held by General Atlantic. iGate will also have to announce an open offer to acquire additional 20 per cent stake in the company from its minority shareholders.

Patni Computer Systems is present in various verticals such as banking and financial services, manufacturing, telecom, life sciences, retail and product engineering services.

During the year ended December 31, 2009, it posted sales of Rs 3,164.75 crore. Its promoters have been looking to sell their stakes for around three years now but could not clinch a deal because of differences over valuations.