Hexaware Promoter Raises $600 Mn; To Partially Use For Delisting Shares

Hexaware Technologies' promoter HT Global IT Solutions Holdings has availed USD 600 million by pledging more than 18 crore shares of the company, which is set for voluntary delisting from the stock exchanges.

HT Global IT Solutions Holdings has borrowed the amount for "inter alia repayment of secured and unsubordinated 7 per cent senior notes and to finance the delisting of the equity shares of Hexaware Technologies Limited...," according to a regulatory filing on Thursday.

A voluntary delisting of Hexaware Technologies from the BSE and the NSE is being undertaken. The delisting offer with a floor price of Rs 264.97 per share opened on September 9 and will close on September 15.

HT Global IT Solutions Holdings has pledged over 18 crore shares of the IT firm to secure USD 600 million from 13 entities, including Deutsche Bank, Citibank, Barclays Bank PLC and Sumitomo Mitsui Banking Corporation, as per the regulatory filing.

At the current exchange rate, the fund amounts to about Rs 4,500 crore.

The amount has been availed pursuant to a facility agreement dated July 29, 2020 and a syndication agreement dated September 3, 2020.

"For securing the facility, on September 8, 2020, a pledge has been created on 100 per cent of the shares carrying voting rights held by Baring Private Equity Asia V Mauritius Holdings Ltd (BPEA V) in the borrower, pursuant to an agreement dated August 7, 2020 between BPEA V and Deutsche Bank AG Singapore Branch (as Security Agent)," the filing said.

All the shares carrying voting rights of the borrower are held by BPEA V, it added.

According to another regulatory filing, HT Global IT Solutions Holdings had raised USD 367 million through the issuance of bonds. These were secured by creating a pledge over 100 per cent of the shares of the entity in favour of DB Trustees (Hong Kong) Ltd. More than 18 crore shares were pledged.

These pledged shares were released this month pursuant to the redemption of the bonds.

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