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Hexaware accepts Rs 475/share as final delisting price; ICICI Direct recommends exiting at current price

The last date for payment to all public shareholders whose bid has been accepted is September 30, 2020.

September 23, 2020 / 01:30 PM IST
 
 
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HT Global Holding BV (acquirer) along with HT Global Holdings (promoter) of Hexaware Technologies, have accepted Rs 475 per share as the final price for the delisting offer.

All public shareholders who have tendered their equity shares at or below the exit price will be paid a consideration of Rs 475 per share.

The last date for payment to all public shareholders whose bid has been accepted is September 30, 2020.

Those public shareholders whose bids have been rejected will have their shares returned.

Brokerage firm ICICI Direct believes those shareholders who have not tendered their shares or whose bids have been rejected will be given an opportunity to tender their shares at a delisted price, however, the modalities of the same will be announced in due course.

The brokerage recommends shareholders to exit at the current price.

"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 after the delisting of shares, the process of getting the delisted price (Rs 475 per share) will be through the off-market route over the next year. This may become a tedious process," ICICI Direct said.

ICICI believes that through this offer price the acquirer and promoters along with other members of the promoter group would have a minimum 91.16 percent shareholding through the reverse book building process, which would exceed the minimum number of equity shares required for the delisting of shares.

The brokerage said this will lead to the delisting of company shares, subject to regulatory approvals.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Moneycontrol News
first published: Sep 23, 2020 01:29 pm

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