IT firm Hexaware on Friday said its board has approved the appointment of ICICI Securities as merchant banker for delisting of the company from stock exchanges.
Earlier this month, Hexaware promoter firm HT Global IT Solutions Holdings had expressed its intention to voluntarily delist Hexaware's shares from Indian bourses.
In a regulatory filing on Friday, Hexaware said its board has approved the appointment of ICICI Securities Ltd (merchant banker) for the purposes of carrying out the due diligence.
"After the receipt of the due diligence report by the merchant banker, the board will meet again to discuss and take a decision on the delisting proposal," it added.
The board has also authorised identified personnel to take all necessary steps to procure from the stock exchanges details of trading in shares of the company for a period of two years prior to June 12.
They will also provide details of off-market transactions by such shareholders for a period of two years and any other necessary information that the merchant banker deems fit in connection with the due diligence.
Shares of Hexaware were trading 1.44 percent higher at Rs 324.20 apiece on BSE in afternoon trade on Friday.
The promoters have offered Rs 285 per share (indicative offer price) for the delisting proposal.
The indicative offer price represents a premium of 9.8 percent (for BSE) and 10 percent (for NSE) over the closing market price as on June 4, 2020, on the stock exchanges, Hexaware had said in its June 5 filing.
As on March 31, 2020, the promoters held over 18.63 crore shares, representing 62.4 percent of the equity share capital of Hexaware.