Nothing to worry… if the delisting is successful, we will be able to exit at the same price. I am not sure about the process, but i assume a buyback will be open at the exit price… and will be available to exercise for 1 year.
How do you know, such a thing will happen? Has this happened in past ? Do you have experience in delisting process?
Please check other successful delistings such as Polaris to understand what could happen during this scenario.
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As per HDFC Securities, closing time (cutoff) for the last day i.e. today was 11.30am…so that’s why you may not be seeing it in ICICI Direct now.
The Public Shareholders may submit their Bids to the Acquirer during the Bid Period.
Additionally, once the Equity Shares have been delisted from the Stock Exchanges, the Public
Shareholders, whose Equity Shares have not yet been acquired by the Acquirer (“Residual
Shareholders”) may offer their Equity Shares for sale to the Acquirer at the Exit Price for a
period of one year following the date of the delisting of the Equity Shares from the Stock
Exchanges (“Exit Window”). A separate offer letter in this regard will be sent to the Residual
Shareholders explaining the procedure for tendering their Offer Shares. Such Residual
Shareholders may tender their Offer Shares by submitting the required documents to the Registrar
to the Offer during the Exit Window.
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If the final cutoff was 11:30, then i guess delisting is not successful since the bids are only 47%. Minimum 90% is required. May be thats why the stock is flying today. The promotors might have to increase the floor price to get the participation for successful delisting.
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This URL contains bid details and still a lot of bids are in unconfirmed status. When they turn confirmed, bid % should go up. But they need more than 8cr shares to hit 90% shareholding. Hopefully that happens by EOD today.
https://www.bseindia.com/markets/publicIssues/BSEBidDetails_ACQ.aspx?flag=ec&Scripcode=5222
CNBCTV18 news flash company achieved 90% reverse book building. Max bids at 475/-.
This is the news being flashed, as per cnbc, company has achieved 90 percent target. I hope promotors agree on 475 or above.
Hexaware Delisting Update: Co achieves 90% target; total 8.26 cr shares tendered so far; maximum bids received at Rs 475/sh. Reverse book building for delisting ends today.
Puneet
Thats grt8 news! Since the stock is flying today, may be someone knows that the exit price will be accepted ? Its still at 8-10% discount to exit price if accepted! Anyways… lets wait and watch!
Don’t play for remaining 10 percent.i think it’s better to sell part of the holding since the price is expected to settle around 475. By selling today you can minimise the risk of price rejection
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No, i dont intend to play this… was just trying to reason the move in stock today…
I think we need not worry even if the price is rejected…its a good stock and can be held for long term… atleast when entered this, that was the intention…
Exited today at 450. I feel its not worth holding on and taking the risk of rejection, for a potential 5% upside (assuming 475 is the delisting price)
Bid closing date has been extended by 1 day - not sure of the exact purpose and objective since required number of shares seem to have been tendered at 475 today.
However - all clients of brokers such as Zerodha seem to be the worst off as they debited all the shares one day in advance of the bid close date.
@Nikhil.A - Have tweeted on this. You should release the shares back into client accounts for any fresh bids / market sale.
Promoters intentions seems clear.take co 100 percent private and then sell it. In my opinion the promoters won’t make counter offer and will accept the price as such. Let’s see.
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Zerodha closes all Buybacks one day earlier. If you want to do on last day, you have to call them. They charge some amount.
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Yes, little doubt Hexaware will get through.
Other way. In all liklihood the price is 450 as delisting at Rs. 475 seems highly probable. Howver one shoud manage his risk.
I am very new to this delisting concept and didn’t pay much attention to place the bid, I cannot see this listed under Zerodha to place my bid. What are the options for me now ? Please suggest.