On Friday, Hexaware Technologies’ share price increased by 20 percent at 311.30 on BSE. This was after the company offered to voluntarily delist its shares in the company. The board is set to meet on June 12, 2020, to consider the proposal for said volunteered delisting process.
Further, the public shareholders had 112 million equity shares indicating 37.6 percent of the equity share capital of the company, as on March 31, 2020. The promotors group held equity shares worth 186.3 million which represented 62.4 percent.
The firm’s stock price has surged over 32 percent in the last 15 days. In addition, in today’s trading session, the company touched an intraday high of Rs 311.30 and low of Rs 261.10.
The main objective of the delisting scheme is for the promoter or promoter group to obtain full ownership of the company. Thus, to provide high operational flexibility to support the firm’s business, the company said in a regulatory filing.
Moreover, the delisting process will aid in cost savings and allow the management to offer more time to focus on the business. The proposal will offer the shareholders an opening to realize value for their equity shares at a time of high market volatility, the filing said.