Hexaware Technologies To Offer Rs 475 Per Share For Delisting
Hexaware Technologies on Wednesday said it will offer Rs 475 per share as the final price for its delisting offer.
The offer was successful and 8.72 crore equity shares have been validly tendered. The bid process for the delisting offer, where the promoters were offering a floor price of Rs 264.97 per share, had started on Sept. 9 and closed on Sept.16.
"The acquirer and promoter have accepted the discovered price of Rs 475 per equity share as the final price for the delisting offer," Hexaware Technologies said in the filing on Wednesday.
The company said that according to 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 bookbuilding offer process," the exchange filing stated. “Post completion of the acquisition, the shareholding of the acquirer and promoter, along with other members of the promoter group, shall be 91.16% of the fully paid-up equity capital of the company.”
This would exceed the minimum number of equity shares required for the delisting offer to be successful, according to 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 Sept. 30, it added.
Hexaware noted that the “permitted to trade" status given to its equity shares by the Metropolitan Stock Exchange of India Ltd. should stand withdrawn.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 Hexaware Technologies for the delisting offer.