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IT firm Hexaware Technologies to offer Rs 475 per share for delisting

The bid process for the delisting offer - where the promoters were offering a floor price of Rs 264.97 per share - had started on September 9 and closed on September 16

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IT firms | Hexaware Technologies | Delisting

Press Trust of India  |  New Delhi 



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The company stated the offer was successful and 8.72 crore equity shares had been validly tendered.

IT firm on Wednesday said will offer Rs 475 per share as the final price for its offer.

The company stated the offer was successful and 8.72 crore equity shares had been validly tendered.

The bid process for the offer where the promoters were offering a floor price of Rs 264.97 per share had started on September 9 and closed on September 16.

"The acquirer (HT Global Holdings BV) and promoter (HT Global IT Solutions Holdings Ltd) have accepted the discovered price of Rs 475 per equity share as the final price for the offer (exit price)," Hexaware said in the filing on Wednesday.

The company said, as per the rules, the delisting offer would be deemed successful only if a minimum number of 8,38,00,030 offer shares were tendered and acquired at or below the exit price.

"The acquirer shall acquire the 8,72,86,523 equity shares validly tendered at or below the exit price in the reverse book building offer process. Post completion of the acquisition, the shareholding of the acquirer and promoter, along with other members of the promoter group, shall be 91.16 per cent of the fully paid up equity capital of the company, it added.

This would exceed the minimum number of equity shares required for the delisting offer to be successful, as per delisting regulations.

The filing said all public shareholders, who have validly tendered their equity shares at or below the exit price, will be paid Rs 475 per share.

The last date for payment to public shareholders, whose bids have been accepted, will be September 30, it added.

Hexaware noted that the 'permitted to trade' status given to its equity shares by the Metropolitan Stock Exchange of India Ltd (MSEIL) shall stand withdrawn.

The company said all public shareholders who continue to hold equity shares after the reverse book building process will be able to offer their shares to the acquirer at the exit price for one year following the date of the delisting from stock exchanges and withdrawal of permitted to trade from MSEIL.

JM Financial acted as the manager to for the delisting offer.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, September 23 2020. 15:20 IST

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