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Hexaware has said that it will begin the open offer for delisting its shares from September 9.
The promoters have offered ₹264.97 per share as a part of their delisting offer, which is 35 per cent less than its current trading price of ₹406.35 per share.
In a statement to the exchanges, Hexaware said: “In connection with the aforesaid delisting offer, this is to inform you that confirmation is received from the promoter that Kfin Technologies Private Limited has completed the dispatch of Letter of Offer to all the public shareholders pursuant to the SEBI (Delisting of Equity Shares) Regulations, 2009.”
Kfin Technologies is the Registrar to this offer.
For delisting, the opening bid starts on September 9 and the delisting offer will close on September 15. Further, September 17 is set as the last date for announcement of a counter offer.
Taking it private
In early June, Baring Asia PE — which holds a 62.34 per cent stake in Hexaware — announced its intent to delist from Hexaware. In a recent interaction with BusinessLine , R Srikrishna, CEO of Hexaware, had said that the delisting will have no impact on the company’s operations.
By delisting, Baring PE is looking to obtain full ownership of Hexaware, which will provide increased operational flexibility to support the business.
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