Hexaware’s Board To Discuss Voluntary Delisting Plan On June 12
Shares of Hexaware Technologies Ltd. hit the upper circuit Friday after the information technology company said its board will meet on June 12 to discuss the proposal of voluntary delisting of its equity shares.
HT Global IT Solutions Holdings Ltd., which owns 62.4% in Hexaware and is Baring Private Equity Asia's investment holding vehicle, will consider an indicative offer price of Rs 285 apiece at which the promoter would be willing to accept shares in order to delist the company from the bourses, according to an exchange filing.
That's close to a 10% premium to Hexaware's closing price on Thursday. The company is listed on both BSE Ltd. and National Stock Exchange of India Ltd.
The indicative offer price, according to the filing, should in no way be construed as an obligation on the promoter to accept any price which is lower than, equal to or higher than the price and that the promoter has the sole discretion to accept or reject the price discovered in terms of the delisting.
The company will appoint a merchant banker registered with Securities and Exchange Board of India to carry out due diligence in accordance with the delisting regulations.
HDFC Asset Management Co., Invesco Ltd., SBI Mutual Fund and T. Rowe Price are among a few major public investors in the company.
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