Hexaware delisting: Institutions seek 67% premium to offer price

Mumbai | Updated on September 14, 2020 Published on September 14, 2020

Large institutional investors are seeking around 67 per cent premium to the offer price set by Hexaware Technologies Ltd for delisting from the stock exchanges. The bidding details on stock exchanges show that a few institutional shareholders had put the bids at around ₹460 to 475 per share. The bids are yet to be confirmed.

Hexaware had sought to de-list their shares from the stock exchange at ₹285 per share. Hexaware's delisting price is nearly three times more than its book value. The share price of Hexaware is traded at ₹423 on Monday.

The promoters and associate firms of Hexaware – HT Global IT Solutions Holdings Ltd and HT Global Holdings BV – had arrived at a floor price of ₹264.97 apiece and were to acquire at an indicative offer price of ₹285 apiece.

Promoters hold around 62 per cent shares in the company and 90 per cent is the requirement for delisting. The company plans to mop up 11.38 crore shares from the public. According to the BSE data, the company has received bids for 2.74 crore shares, which is about 24 per cent.

According to the latest shareholding pattern available with the stock exchanges, 169 FPIs (foreign portfolio investors) hold 14.03 per cent stake in the company, while 12 MFs own 12 per cent; around 81,500 small investors hold 6.42 per cent and seven HNIs (high net worth individuals) have 0.43 per cent stake in Hexaware.

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Published on September 14, 2020
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