IT firm Hexaware Technologies on Wednesday said will offer Rs 475 per share as the final price for its delisting offer.
The company stated the offer was successful and 8.72 crore equity shares had been validly tendered.
Those public shareholders whose bids have been rejected will have their shares returned.
About Hexaware Technologies
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.
However, remaining 112.5 million shares or 37.66 per cent are held by public shareholders.
Objective behind the proposal
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 delisting will also help in cost savings and allow the management to dedicate more time to and focus on the company’s business, Company said
Floor Price & Delisting Dates
Earlier the acquirer had fixed a floor price of ₹264.97 per equity share for the delisting proposal but today declared the final Price.
The voluntary delisting process of Hexaware Technologies from the BSE and the NSE had started on 9 September and closed on 16 September.
Exit price
The filing said all public shareholders, who have validly tendered their equity shares at or below the exit price, will be paid Rs 475 per share.
Payment Clearance
The last date for payment to public shareholders, whose bids have been accepted, will be September 30
Delisting Manager
JM Financial acted as the manager to Hexaware Technologies for the delisting offer.
Fixed Public Shareholders
All public shareholders who continue to hold equity shares after the reverse book building process will be able to offer their shares to the acquirer at the exit price for one year following the date of the delisting from stock exchanges
Stock Market Impact
Shares of Hexaware Technologies rose 2% to a record high of ₹468.95 on Wednesday after the company said promoter HT Global Holdings has accepted the discovered delisting price.
Performance of HT
Consolidated net profit of the IT consulting and digital solutions provider dropped 12.86% to ₹152.45 crore in the June quarter. Its revenue from operations rose 1.77% to ₹1,569.12 crore in the period.
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