Xchanging Solutions surges on voluntary delisting plan

The stock locked in upper circuit of 20% at Rs 60 on BSE and the NSE.

Xchanging Solutions is locked in 20% upper circuit Rs 60.10 on BSE after the company engaged in information technology (IT) services business announced voluntary delisting plan.

The board of director of the company will meet on May 11, 2016 to consider the proposed delisting offer and any other matters incidental thereto, Xchanging Solutions said in a statement.

Computer Sciences Corporation (CSC) has completed a mandatory open offer to acquire up to 25% equity stake in Xchanging Solutions Ltd from the public shareholders. The open offer has been triggered by an indirect acquisition of controlling stake in Xchanging Plc, the British parent of the Indian public-listed IT outsourcing company.

“The overseas offer has been completed and become wholly unconditional on May 5, 2016, as a result of which, CSC now indirectly exercise control by owning 100% of the equity shares capital of Xchanging (Mauritius) and Xchanging Technology Services India Private Limited,” Xchanging Solutions said.

CSC expressing their intention to launch an offer to voluntarily delist the company’s equity shares from the BSE and the National Stock Exchange (NSE) by acquiring all equity shares held by the public shareholders of the company, it added.

As of March 31, 2016, the public shareholders held 27.85 million or 25% stake in Xchanging Solutions.

Till 12:04 pm, a combined 96,316 shares changed hands against an average sub 25,000 shares that were trade daily in past two weeks on the BSE and NSE. There were pending buy orders for 233,178 shares on both the exchanges.