Stocks

Hexaware Tech promoters offer ₹285/share for delisting

Our Bureau Chennai | Updated on June 05, 2020 Published on June 05, 2020

Board to meet on June 12 to consider proposal

After Vedanta and Adani Power, one more company is joining the delisting bandwagon. Hexware Technologies on Friday informed the exchanges that it had received a letter from the promoter of the company, HT Global IT Solutions Holdings Ltd, expressing its intention to voluntarily delist the company’s shares from Indian bourses.

Following the delistng offer, the share price of Hexaware Technologies hit the 20 per cent upper circuit at ₹311.30 on the BSE.

As on March 31, 2020, the promoter held about 18.63 crore shares, representing 62.40 per cent of the equity share capital of the company.

The promoter has informed the company it is offering a price of ₹285 a share (indicative offer price).

The indicative offer price represents a premium of about 10 per cent over the closing market price as on June 4. “However, we have also been informed that the indicative offer price should in no way be construed as an obligation on the promoter/promoter group to accept any price which is lower than, equal to or higher than the indicative offer price,” the company statement added.

The promoter/promoter group has the sole discretion to accept or reject the price discovered in terms of the delisting, it further said.

It may be recalled that earlier, the board of directors of Anil Agarwal-led Vedanta had approved a delisting proposal. Accordingly, Vedanta Resources Plc, promoters of Vedanta, offered ₹87.25 a share. However, this offer has been termed 'unfair' to minority shareholders by IiAS.

Meanwhile, Adani Power on June 3 appointed Vivro Financial Services as the merchant banker for its delisting proposal. After the receipt of the due diligence report from the merchant banker, the board will again meet to discuss the delisting proposal in detail, the company had said in a regulatory filing.

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Published on June 05, 2020
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