“The acquirer and promoter have accepted the discovered price of Rs 475 per equity share as the final/exit price for delisting offer,” mid-size information technology (IT) services firm Hexaware Technologies said in a public announcement.
HT Global IT Solutions Holdings Ltd, the offshore investment vehicle of Baring Private Equity Asia, that holds the 62.34 per cent stake in Hexaware, had fixed the indicative offer price at Rs 285 apiece for the proposal. Remaining 112.5 million shares or 37.66 per cent are held by public shareholders.
“The acquire shall acquire 87.28 million equity shares validly tendered at or below the Exit Price in Reverse Book Building process and post completion of the acquisition, the shareholding of the acquire and promoter along with other members of the promoter group shall be 91.16 per cent of the share capital of the company, which would exceed the minimum number of equity shares required for the delisting offer,” the company said.
The main objective of the proposal is to provide full ownership of the company to the promoter group which, in turn, will provide increased operational flexibility to support the business, the Mumbai-headquartered firm said in an exchange filing. "The delisting will also help in cost savings and allow the management to dedicate more time to and focus on the company's business," it said.
In past three months, Hexaware Technologies has outperformed the market by surging 46 per cent, against 7 per cent rise in the S&P BSE Sensex. At 01:53 am, the stock was up 1.6 per cent at Rs 467.85, as compared to 0.48 per cent rise in the benchmark index. A combined 640,000 equity shares have changed hands on the counter on the NSE and BSE, so far.
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