On 20 June, Hexaware Technologies said that its board has approved the proposal to be delisted from the stock exchanges based on the recommendation of the merchant banker-ICICI Securities Ltd.
Further, the mid-tier IT firm that its Chartered Accounting firm has recommended the floor price for delisting as Rs 264.97 " in accordance with Regulation 15(2) of Delisting Regulations read with Regulation 8 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011."
"The actual pricing for the delisting shall be determined as per the process set out in the Delisting Regulations," it added.
Shares of Hexaware Technologies closed at Rs 315.95 on Friday.
In the first week of June, Hexaware Tech had said that its promoter HT Global IT Solutions Holdings Limited has expressed its intention to make a voluntary delisting offer to acquire all fully paid-up equity shares of the Company held by public shareholders.
"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 Company's business," the company said on 20 June.
"The Acquirer anticipates the Company operating as it does presently and does not have any imminent plans to (a) sell all its holding in the Company or (b) merge the Company with any other portfolio company of the Acquirer or its affiliates. However, the Acquirer is in the business of making and exiting investments, evaluates various proposals with respect to its investments in the ordinary course of business and will continue to do so," the exchange filing further said.