Hexware delisting hangs in balance with 25 mn more shares needed

The fate of Baring Private Equity Asia’s bid to take Hexaware Technologies private hangs in the balance. As of Monday, around 58 million shares were tendered by public shareholders of the information technology (IT) firm in the reverse book building (RBB) process — a method used to arrive at an exit price for delisting.

Private equity major Baring would be hoping that another 25 million shares are tendered on Tuesday, when the RBB process closes.

For any delisting bid to be successful, the promoter needs to acquire at least 90 per cent shareholding. Currently, Baring holds 62.3 per cent stake in Hexaware. To take its shareholding past the 90-per cent mark, it will have to acquire at least 27.6 per cent, or 82.7 million shares, from the public shareholders.