But Subramanian may keep a part of her stake, said executives aware of the negotiations.Subramanian and founder Dhiraj Rajaram, who each hold a 24% stake in the company, made public their divorce in May. He has, however, valued the company at $800 million, said the people cited above.Suitors submitted initial bids last week, they said. Subramanian did not respond to calls or text messages.Founded in 2004, Mu Sigma is headquartered in Chicago and has substantial operations in Bengaluru. Moreover, any new investor would be wary of recent developments, including the Rajaram-Subramaniam split and exits of some senior executives.Ganesh Lakshminarayanan quit in last July after being the managing director of Mu Sigma for a year. "Mu Sigma can be a stable and long-term investment for them and will fit into their strategy," one of the sources close to the pension funds told ET.US buyout giants Blackstone and Bain are big investors in India's IT and IT services sector.

Source: Economic Times August 22, 2016 02:47 UTC