HT Global Holding BV (Acquirer) along with HT Global Holdings Ltd (promoter) of Hexaware Technologies (Hexaware) have accepted Rs. 475/share as the final price for delisting offer. We believe that through this offer price the acquirer and promoters along with other members of the promoter group would have minimum 91.16% shareholding through the reverse book building process, which would exceed the minimum number of equity shares required for delisting of shares. Hence, we believe this will lead to delisting of company shares (subject to regulatory approvals). All public shareholders who have tendered their equity shares at or below the exit price will be paid a consideration of Rs. 475/share. The last date for payment to all public shareholders whose bid have been accepted is September 30, 2020. Those public shareholders whose bids have been rejected will have their shares returned. We believe those shareholders who have not tendered their shares or whose bids have been rejected will be given an opportunity to tender their shares at delisted price however the modalities of the same will be announced in due course. We would recommend that shareholders (who have not tendered their shares or whose bids have been rejected) exit at the current price, which is closer to the delisting price. This is since we believe post delisting of shares, the process of getting the delisted price (Rs. 475/share) will be through the off market route over the next year. This may become a tedious process. Hence, we recommend that investors exit the stock at the current market price, which is closer to the delisting price.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_Hexaware_QC_Sep20.pdf
Shares of HEXAWARE TECHNOLOGIES LTD. was last trading in BSE at Rs.461.05 as compared to the previous close of Rs. 457.1. The total number of shares traded during the day was 23418 in over 821 trades.
The stock hit an intraday high of Rs. 464.65 and intraday low of 452.45. The net turnover during the day was Rs. 10736329.