Home >Markets >Stock Markets >Hexaware Tech hits record high as promoters accept delisting price

Mumbai: 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 of 475 per share.

At 12:25 pm, the stock was trading at 468.20, up 1.64% from its previous close, while benchmark index Sensex gained 0.04% to 37750.83.

“The acquirer and promoter have accepted the discovered price of 475 per equity share as the final/exit price for delisting offer," Hexaware Technologies said in a newspaper advertisement.

HT Global IT Solutions Holdings, the investment arm 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 of the company from public shareholders.

The acquirer had fixed a floor price of 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 and closed on 16 September.

“The acquirer 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.

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.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout