Hexaware announces merger of promoter cos
Hexaware announces merger of promoter cos >Hexaware Technologies announced that the high court of Gujarat approved the mereger of Elder Hides and Leather (Elder) with Norfolk Infotech (Norfolk), Advent Tale-Net (Advent) and Kent Multitrade (Kent). Accordingly with the above approval, 33,313,824 equity shares of Rs 2 each held in Hexaware constituting 23.20% of the capital by Advent, Norfolk and Kent will be transferred to Elder Hides and Leather.
Earlier this week, Hexaware Technologies (Q, N,C,F)* announced that GA Global Investments exercised their option of converting 1,055,570 preference shares into unregistered American Depository Receipts (ADR), represented by underlying 10,555,700 equity shares at Rs 142.10 a share. General Atlantic invested Rs 3 billion in Hexaware through preferential allotment in early 2006.
Shares of the company declined Rs 1.9, or 1.54%, to settle at Rs 121.35. The total volume of shares traded was 92,139 at the BSE.(Tuesday)
