The IT service company, Hexaware Technologies board have approved the delisting from the stock exchanges as per the proposal from the merchant banker, according to a report by Money Control.
The firm earlier declared its promotors Baring PE Asia’s plan to delist. Further, the IT company on June 12 assigned ICICI securities to be the merchant banker for the delisting process of the firm, as per the media report.
On June 18, the report was submitted by the merchant banker. The media report also mentioned that the company’s decision to delist from exchanges was for the promotor/promotor group to acquire full ownership of the company.
In a filing, the company said that the delisting process will help them to save costs and permit the management to put in more time on focusing on the functions of the business.
The media publication also reported that the promoter had no immediate plan to sell its holding in the firm or unite the company with its other portfolio firms. The Baring PE Asia acquired a 62.4 percent stake in the IT firm in 2013 and attained NIIT Tech in 2019, as reported by the publication.