Hexaware gains 3% amid reverse book building process

NEW DELHI: Shares of Hexaware Technologies rose nearly 3 per cent in Thursday's trade amid the reverse book building process for the delisting of the company.

The reverse book building window for the delisting is available from September 9 to September 15, which is being keely watched after the recent unsuccessful delisting of INEOS Styrolution and Linde India. The Hexaware stock has already rallied 48 per cent over indicative price of Rs 285 to close at Rs 422 on Wednesday.

On Thursday, the stock rose 2.65 per cent to hit a high of Rs 432.95 on BSE.

For existing investors it’s an opportunity to exit at slightly above current levels, new investors should be careful in building up new positions especially in the weak market as there is limited upside, said analysts. They expect that the book is likely to be built anywhere in the range of ?450-470.

“We don't expect minority investors of any IT company likely to surrender shares at a significant discount to its prevailing market price given the current strong demand backdrop for IT/digital services. So Rs 420-450 is the right range for minority shareholders to tender their shares,” ET reported Suyog Kulkarni of Reliance Securities as saying.

“We believe investors could bid at Rs 450-480 and this could be a fair price,” said Vaibhav Chechani, analyst at Centrum Broking told ET.