Hexaware Technologies rose 1.56% at Rs 467.85 after the company in a newspaper advertisement announced that the promoter HT Global Holdings has accepted the discovered price of Rs 475 per share, as the final price for the delisting offer.
HT Global IT Solutions Holdings, the investment vehicle of Baring Private Equity Asia, that holds a little over 62% stake in Hexaware Technologies, had earlier announced delisting offer for acquisition of up to 11.38 crore equity shares, representing 37.92% of the total issued equity share capital ("offer shares") of the company from the public shareholders.The acquirers had fixed a floor price of Rs 264.97 per equity share for the delisting proposal. The voluntary delisting process of Hexaware Technologies from the BSE and the NSE had started on 9 September 2020 and it closed on 16 September 2020.
The acquirer shall acquire 8,72,86,523 equity shares validly tendered at or below the exit price in the reverse book building process and post completion of the acquisition, the shareholding of the acquirer and promoter along with other members of the promoter group shall be 91.16% of the fully paid up equity share capital of the company, which would exceed the minimum number of equity shares required for the delisting offer to be successful.
By delisting, the promoter is looking to obtain full ownership of Hexaware, which will provide increased operational flexibility to support the business.
The Hexaware Tech counter hit a record high of Rs 468.95 in intraday trade today. The stock is up 131.9% from its 52-week low of Rs 201.7 posted on 23 March 2020.
The IT firm's consolidated net profit dropped 12.86% to Rs 152.45 crore on 1.77% increase in revenue from operations to Rs 1,569.12 crore in Q2 June 2020 over Q1 March 2020.
Hexaware Technologies is a leading global IT consulting & digital solutions provider.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU