June 5, 2020 / 4:42 AM / a month ago

Hexaware Technologies gets go-private bid, shares soar 20%

BENGALURU (Reuters) - IT firm Hexaware Technologies Ltd said on Friday it would consider a bid from its promoter HT Global IT Solutions Holdings Ltd to buy the remaining stake that it does not own in the company, sending its shares up as much as 20%.

HT Global, a holding company for Baring Private Equity Asia, has offered 285 rupees per share, or a 9.8% premium to Thursday’s closing price, to buy the rest of the shares, Hexaware said in a regulatory filing.

The offer values the Mumbai-based company at 85.04 billion rupees ($1.13 billion). HT Global holds 62.4% stake in Hexaware as of March 31 and will have to pay 31.94 billion rupees to buy the remaining stake.

Hexaware said its board will consider the proposal to delist the company on June 12.

Shares of the company were locked in upper circuit at a five-week high of 311.4 rupees in morning trade, after having dropped around 22% this year, compared with a 6.6% fall on the Nifty IT index.

($1 = 75.3900 Indian rupees)

Reporting by Chris Thomas in Bengaluru; Editing by Shailesh Kuber and Arun Koyyur

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