Hexaware at 20% UC

about 4 months ago
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Hexaware, currently the top gainer on the BSE, within moments of opening went on to hit the 20% UC of the day at Rs.311.30. Over 80k pending buy bids were on the counter. Its 52-week high is at Rs.439.

Another delisting proposal. The company stated yesterday night that it is planning to delist its shares and was considering a buyout proposal from promoter HT Global IT Solutions Holdings.

HT Global IT Solutions holds 62.4% in Hexaware and it has offered an exit price of Rs.285/share, which is a 10% premium to yesterdays close.

The Board is scheduled to meet on 12th June to consider the same.

The reason for delisting:

  1. For the promoter/ promoter group to obtain full ownership of the company which will in turn provide increased operational flexibility to support the company's business.
  2. Help in cost savings and allow the management to dedicate more time to and focus on the Company's business.
  3. To provide the public shareholders an opportunity to realize immediate and certain value for their equity shares at a time of elevated market volatility.

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