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Hexaware Tech shares hit 20% upper circuit as company proposes delisting

HT Global IT Solutions presently holds 186,318,590 equity shares of the company of a face value of Rs 2 each representing 62.4 percent of the paid-up equity share capital of the company as on March 31

June 05, 2020 / 10:49 AM IST
 
 
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Hexaware Technologies share price surged 20 percent hitting upper circuit of Rs 311.30 per share on BSE after the company proposed to voluntarily de list the equity shares of the company.

"The Promoter, either individually, or along with one or more members of the Promoter group, including its subsidiaries, is desirous of acquiring all the equity shares that are held by the public shareholders of the company, as defined under the Delisting Regulations, ("Public Shareholders"); and (b) consequently voluntarily delist the Equity Shares from BSE Limited and the National Stock Exchange of India Limited (collectively, the "Stock Exchanges"), by making a delisting offer in accordance with the De listing Regulations ("Delisting Proposal")," the company said in an exchange filing.

As on March 31, 2020, the public shareholders held 112,065,731 equity shares representing 37.6 percent of the paid-up equity share capital of the company.

The stock price has jumped over 32 percent in the last 15 days and was quoting at Rs 311.30, up Rs 51.85, or 19.98 percent. It has touched an intraday high of Rs 311.30 and an intraday low of Rs 261.10. There were pending buy orders of 59,781 shares, with no sellers available.

It witnessed spurt in volume by more than 1.82 times and was trading with volumes of 206,676 shares, compared to its five day average of 90,872 shares, an increase of 127.44 percent.

HT Global IT Solutions Holdings Limited presently holds 186,318,590 equity shares of the company of a face value of Rs 2 each representing 62.4 percent of the paid-up equity share capital of the company as on March 31, 2020, according to a BSE data.

The main objective of the Delisting Proposal is for the Promoter/ Promoter Group to obtain full ownership of the Company which will in turn provide increased operational flexibility to support the Company's business. The delisting will also help in cost savings and allow the management to dedicate more time to focus on the Company's business, it said.

Sandip Das
first published: Jun 5, 2020 10:49 am

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