The promoters of Hexaware, Baring Private Equity Asia, holding 62.34%, on 4th June had announced plans to delist the stock and it needed shareholders approval, who held 37.66% stake. The approval came in yesterday evening and it was a resounding “yes.”
96% of retail shareholders and 61% of non-institutional shareholders gave a go-ahead vote for the delisting.
When the company has announced the delisting plan on 4th June, it had given an indicative delisting price of Rs.285 as against the new high it hit yesterday at Rs.402. Obviously, the promoters will now have to raise its price and the word on the Street is that it could be around Rs.400.
The stock has jumped up over 55% since 4th June, way ahead of its fundamentals. Today, the stock rose further by over 4% to hit an intraday high at Rs.417 and soon tapered off from there and is trading at Rs.406 levels.