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:
- 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.
- Help in cost savings and allow the management to dedicate more time to and focus on the Company's business.
- To provide the public shareholders an opportunity to realize immediate and certain value for their equity shares at a time of elevated market volatility.