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Hexaware Technologies share hits 52-week high after promoter accepts delisting price

Hexaware Technologies stock rose to a 52 week high of Rs 468.95 against previous close of Rs 460.95 on BSE

twitter-logoBusinessToday.In | September 23, 2020 | Updated 16:17 IST

Share of Hexaware Technologies hit a record high today after the promoter of the firm HT Global Holdings accepted the discovered delisting price of  Rs 475 per share. Hexaware Technologies stock rose to a 52 week high of Rs 468.95 against previous close of Rs 460.95 on BSE. The stock of the IT consulting firm rose up to 1.80% to Rs 468.95 during the trading session.

The stock has been gaining for the last 2 days and has risen 2.38% returns in the period

Hexaware Tech share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 11.88% in one month and risen 39.78% since the beginning of this year. In three years, the stock is up 74.48%.

"The acquirer and promoter have accepted the discovered price of  Rs 475 per equity share as the final/exit price for delisting offer," Hexaware Technologies said in a newspaper advertisement.

On June 5, HT Global announced delisting plan for the company, where the promoter will acquire full-paid up equity shares of Hexaware which are held by the public shareholders.

HT Global IT Solutions Holdings is the investment arm of Baring Private Equity Asia, that holds a little over 62% stake in Hexaware Technologies.

The promoter had announced intention to acquire up to 11.38 crore equity shares, representing 37.92% of the total issued equity share capital of the company from public shareholders.

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The acquirer had fixed a floor price of  Rs 264.97 per equity share for the delisting proposal. The voluntary delisting process of Hexaware Technologies from the BSE and the NSE had started on 9 September and closed on 16 September.

"The acquirer shall acquire 87.28 million equity shares validly tendered at or below the Exit Price in Reverse Book Building process and post completion of the acquisition, the shareholding of the acquire and promoter along with other members of the promoter group shall be 91.16 per cent of the share capital of the company, which would exceed the minimum number of equity shares required for the delisting offer," the company said.

Hexaware Tech share price closed 1.61% higher at Rs 468.05 on BSE.

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