Baring PE has offered $3.7 per share to buy the remaining shares of Hexaware Technologies.
Baring Private Equity Asia has made a proposal to take Indian IT firm Hexaware Technologies private. Baring PE, which held a 62.4 per cent in Hexaware through HT Global IT Solutions as of 31 March, has offered $3.7 per share to buy the remaining shares of the company. The offer price is a 9.8 per cent premium to Thursday's closing price.
Hexaware said its board will meet on 12 June to take a decision on the proposal.
“The main objective of the delisting proposal is for the promoter or promoter group to obtain full ownership of the company which will in turn provide increased operational flexibility to support the company′s business,” the IT firm said.
The delisting will also help the company in cost savings and allow the management to dedicate more time to and focus on the company′s business. The delisting proposal will provide the public shareholders an opportunity to realise immediate and certain value for their equity shares at a time of elevated market volatility, it said.