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Private equity major <keyword id="20406282" type="General" weightage="20" keywordseo="Carlyle-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Carlyle Group" meta.hostid="261" meta.entityid="Carlyle Group">Carlyle Group</keyword>-backed Hexaware Technologies has filed preliminary papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> for floating a Rs 9,950 crore initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>). The initial share-sale of the Mumbai-headquartered company is a complete offer for sale (OFS) by promoter CA Magnum Holdings, part of Carlyle Group, according to the draft red herring prospectus (DRHP) filed on Friday. CA Magnum Holdings has 95.03 per cent stake in the IT company. Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company. Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on stock exchanges and carrying out OFS for the selling shareholder. If successful, Hexaware's maiden public issue would be the largest in the country's <keyword id="20078432" type="General" weightage="20" keywordseo="IT-services-sector" source="keywords">IT services sector</keyword> since Tata Consultancy Services' Rs 4,700-crore IPO over two decades ago. Hexaware Technologies is a global digital and technology services company with artificial intelligence (AI) at its core and having a diverse range of customers, including 31 of the Fortune 500 organizations. It serves customers across the Americas, Europe and Asia-Pacific (including India and the Middle East). The company manages its business through six operating segments -- financial services, healthcare and insurance; manufacturing and consumer; Hi-tech and professional services; banking, and travel and transportation. Its offerings encompass five broad services -- Design &amp; Build, Secure &amp; Run, Data &amp; AI, Optimize, and Cloud Services -- and delivers its services through AI-enabled digital platforms such as Rapid for digital transformation, Tensai for AI-powered automation and Amaze for cloud adoption. The company has 31,870 employees across 28 countries. Hexaware's previous promoter, Baring Private Equity Asia, delisted the company in 2020. Almost a year after the delisting, Carlyle Group acquired Baring's stake in Hexaware. As of financial year 2023, the company's revenue from operations was Rs 10,380 crore with a profit after tax (PAT) of Rs 997 crore, and for six months ended June 2024, revenue from operations was Rs 5,684 crore with a PAT of Rs 553 crore. Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, HSBC Securities and Capital Markets (India), and IIFL Securities are the book-running lead managers for the company's IPO. The equity shares are proposed to be listed on BSE and NSE. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/here-are-the-benefits-you-get-with-indias-most-expensive-credit-card-with-a-3-54-lakh-annual-fee/articleshow/113123752.cms">Here are the benefits you get with India’s most expensive credit card with a ₹3.54 lakh annual fee</a> <a href="https://www.businessinsider.in/business/auto/news/fada-urges-banks-to-tighten-funding-to-dealers-as-rains-play-spoilsport-in-august/articleshow/113111945.cms">FADA urges banks to tighten funding to dealers as rains play spoilsport in August</a> <a href="https://www.businessinsider.in/stock-market/webstories/bajaj-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113131102.cms">Bajaj Housing Finance IPO – Price band to risk factors, all you need to know</a>

Carlyle-backed Hexaware Tech files draft papers with Sebi for ₹9,950 crore IPO

<ul><li>Once the official delisting proposal is made, minority shareholders will have to approve the proposal.</li><li><keyword id="139991" type="COMPANY" weightage="20" keywordseo="Hexaware">Hexaware</keyword> has proposed to delist the company at ₹285 per share, which is a premium of 10% over the closing price as on June 4.</li><li>There should be at least twice the number of minority shareholders in favour of delisting at the given price.</li><li>The promoters of Hexaware own 62.44%, while the rest is owned by mutual funds, foreign institutional investors and retail investors.</li></ul>The Hexaware stock hit the upper circuit on the stock exchanges in the Friday morning trade (June 5), locking at ₹311.30 after a delisting proposal was made by the company's promoters. The share remained locked at the upper circuit of 20% even as the company proposed to delist shares at ₹285 per share, which is a 10% premium over the closing price as on June 4. "HT Global IT Solutions Holdings, the promoter of the company has expressed its intention to acquire all fully paid up equity shares of the company that are held by the public shareholders of the Company," Hexaware said in an exchange filing. <div type="image" title="Hexaware share price" msid="76208553" hostid="261" caption="&amp;lt;p&amp;gt;Hexaware share price sinch March 2020&amp;lt;/p&amp;gt;"></div> The promoters of Hexaware own 62.44%, while the rest is owned by mutual funds, foreign institutional investors and retail investors. "The promoter considers a price of Rs 285 per equity share (Indicative Offer Price) as a price at which the promoter / promoter group will be willing to accept equity shares in the delisting proposal," the company further added. <div type="Article" hostid="261" msid="75809411" title="Vedanta shareholders aren't thrilled⁠— stock slides after Board approved delisting at ₹87.5 a piece" mstype="2" mssubtype="0"></div> What are the analysts saying? Analyst houses are either neutral or bullish on the Hexaware stock. HDFC Securities has maintained its ‘Buy’ rating on the stock with a target price of ₹300, which it has crossed in the first hour of trading today. The research house says that Hexaware’s higher profit after tax (PAT), strong sales and lower client risk puts Hexaware in a strong position. Emkay Research, on the other hand, has maintained its ‘Hold’ rating with a target price of ₹300. It credited Hexaware’s net profit gains to improved forex performance in Q4 2020. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rating </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Securities </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹300 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹315 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hold </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay Research </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹270 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hold </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Centrum Research </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹340 </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td></tr></tbody></table> What happens next? Now, Hexaware’s minority shareholders will have to approve the delisting proposal through ballot once it is out. There should be at least twice as many minority shareholders in favour of the proposal. Who holds how much of Hexaware stock? <div type="image" title="Hexaware shareholding" msid="76209062" hostid="261" caption="&amp;lt;p&amp;gt;Hexaware shareholders&amp;lt;/p&amp;gt;"></div> Mutual funds, foreign institutional investors and retail investors own 37.56% of the stake in the company. However, given the 20% jump in the <keyword id="9348808" type="UNKNOWN" weightage="20" keywordseo="hexaware-share">Hexaware share</keyword> price today, it is likely that the company will be able to easily convince the minority shareholders. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stake in Hexaware </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Mid-cap Opportunities Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.94% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Hybrid Equity Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.45% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Magnum Midcap Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.17% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Franklin India Prima Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.79% </td></tr></tbody></table>Source: BSE, Kotak Securities SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/anil-agarwal-net-worth-vedanta-share-price-voluntary-delisting-approved-in-board-meeting/articleshow/75809411.cms">Vedanta shareholders aren't thrilled⁠— stock slides after Board approved delisting at ₹87.5 a piece</a> <a href="https://www.businessinsider.in/stock-market/markets/news/foreign-investors-fpi-sold-shares-despite-modi-20-lakh-crore-stimulus/articleshow/75807397.cms">Foreign investors sold shares worth over a billion dollars in the last four trading days⁠ while India was unveiling its ₹20 lakh crore stimulus</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indusind-icici-bank-hdfc-bank-and-sbi-among-top-10-losers-in-nifty-bank/articleshow/75805726.cms">From IndusInd to ICICI Bank to SBI ⁠— banks were among the worst-hit despite the government pause on new bad loans</a>

Hexaware stock jumps by 20% as the company considers delisting at ₹285 per share

New Delhi, Jun 12 () 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 per cent 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 per cent (for BSE) and 10 per cent (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 per cent of the equity share capital of Hexaware. SR ANS ANS

Hexaware board approves appointment of ICICI Sec as merchant banker for delisting

<ul><li>At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a muted note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. However, the US stocks finished higher as Wall Street ahead of decision from the Federal Reserve meeting. The Dow Jones Industrial Average ended on a flat note, while the S&amp;P 500 rose 0.52%. Here’s a list of stocks to watch for in trade on September 16: Infosys One of the largest publicly traded water, wastewater and natural gas providers in the US, Essential Utilities has selected Infosys as its strategic partner to drive its digital transformation. The shares of Infosys closed 0.31% higher yesterday. Bharti Airtel and Sterlite Technologies Telecom giant Airtel has partnered with Sterlite Technologies to build an optical fibre network across 10 telecom circles. The densely fibered future-ready network will also form the foundation for many next-generation services such as 5G, Fibre to The Home (FTTH), Internet of Things (IoT) and enterprise networks, Sterlite said in a release. The shares of Bharti Airtel and Sterlite Technologies closed 2% higher yesterday. SpiceJet SpiceJet reported a net loss of ₹593.4 crore for the first quarter ended June 30. The company’s total revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year. In its quarterly filing, SpiceJet also stated that it is restructuring aircraft lease and renegotiating some of its current contracts to for long term saving impact on the cost front. The shares of SpiceJet closed 0.47% lower yesterday. IndiGo Aviation regulator DGCA has asked IndiGo and GoAir to fly only those aircraft that have modified Pratt and Whitney (PW) engines on them, said the civil aviation minister Hardeep Singh Puri. The PW engine-powered A320 neo planes in IndiGo, and GoAir fleets have been facing glitches both mid-air and on-ground since their induction way back in 2016. Puri said on Twitter IndiGo has 134 A320neo, and A321neo aircraft and all of them have modified PW engines on them. The shares of IndiGo closed 1.55% higher on Tuesday. Indiabulls Housing Finance Indiabulls Housing Finance said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing. The shares of Indiabulls Housing Finance closed 1.95% lower on September 16. Future Enterprises Kishore Biyani led Future Enterprises reported a consolidated net loss of ₹322.92 crore for the quarter ended on June 30. Its revenue from operations was down 87.31% to ₹179.39 crore during the quarter under review. The shares of Indiabulls Housing Finance closed 4% higher on September 16. IDBI Bank According to news reports, the state-owned Life Insurance Corporation of India (LIC) is planning to sell its 51% stake in IDBI Bank in tranches. LIC bought 44% stake in IDBI Bank in January 2019 for ₹21,624 crore for saving the bank from collapse. The shares of IDBI Bank closed flat on September 16. Mahindra and Mahindra According to <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mahindras-ssangyong-close-to-signing-binding-agreement-with-us-firm-korean-media-reports/articleshow/78120204.cms?from=mdr">Korean news reports</a>, Mahindra and Mahindra’s subsidiary SsangYong Motor was close to signing a binding investment agreement with a US-based HAAH Automotive Holdings. Mahindra had earlier said that it will not make any <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">further investments in the loss making SUV-maker </a>and wanted to give up its controlling stake. Hexaware Watch out for Hexaware in trade as the date for delisting has been extended by one more day. The delisting offer closes today. The shares of Hexaware closed 6.25% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/science/news/bill-gates-says-the-pandemic-wiped-out-25-years-of-vaccine-progress-in-25-weeks/articleshow/78117898.cms" data-type="tilCustomLink">Bill Gates says the pandemic wiped out 25 years of vaccine progress in 25 weeks</a> <a href="https://www.businessinsider.in/tech/news/watch-live-apple-unveils-whataposs-next-for-the-apple-watch-ipad-and-more-at-its-big-september-event/slidelist/78133140.cms" data-type="tilCustomLink">Apple unveils what's next for the Apple Watch, iPad, and more at its big September event</a>

Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&M and more

<ul><li><keyword id="45417" type="COMPANY" weightage="20" keywordseo="Adani-Power">Adani Power</keyword> has proposed delisting at ₹33.82 per share, which is at a discount of 10% over the closing price on June 19.</li><li>Once the official delisting proposal is made, minority shareholders will have to approve the proposal.</li><li>There should be at least twice the number of minority shareholders in favour of delisting at the given price.</li><li>The promoters of Adani Power own 74.97%, while the rest is owned by mutual funds, foreign institutional investors and retail investors.</li></ul>The <keyword id="6776214" type="UNKNOWN" weightage="20" keywordseo="Adani-power-stock">Adani Power stock</keyword> ended the day marginally higher after the company’s Board of Directors approved voluntary delisting at ₹33.82, which is 10% below the closing share price on June 19. In an exchange filing, the company said, “Adani Properties Private Ltd (APPL) proposes to, either by itself or together with other members of the Promoter Group, as the case may be, voluntarily delist the equity shares.” <div type="image" title="Adani Power share price" msid="76506253" hostid="261" caption="&amp;lt;p&amp;gt;Adani Power share price since March 2020&amp;lt;/p&amp;gt;"></div> As of market close on June 19, Friday, Adani Power’s shares stood at ₹38. On the announcement of the voluntary delisting proposal at ₹33.82, the company’s share price fell by more than 4% before recovering from the fall and ending the day marginally higher at ₹38.05. “The delisting proposal is in the interest of the shareholders of the company,” it further added, stating that the delisting price is fixed at ₹33.82. <div type="Article" hostid="261" msid="76502543" title="ITC, Asian Paints, dollar, F&amp;O expiry and rising COVID-19 cases⁠ — 8 factors that will move stocks this week" mstype="2" mssubtype="0"></div> What are the analysts saying? The nationwide lockdown throughout April and May has dampened investor sentiment in the power sector, especially since they are peak months as far as consumption is concerned. “Resumption of economic activity in May-20 has aided demand growth vis-à-vis April. However, the current state of affairs, remains in a corridor of uncertainty given fledgling economic activity so far,” Edelweiss Research said in its latest report on the power sector. What happens next? Now, Adani Power’s minority shareholders will have to approve the delisting proposal through ballot once it is out. There should be at least twice as many minority shareholders in favour of the proposal. Who holds how much of Adani Power stock? <div type="image" title="Adani Power shareholding pattern" msid="76506389" hostid="261" caption="&amp;lt;p&amp;gt;Adani Power shareholding pattern&amp;lt;/p&amp;gt;"></div> Based on the shareholding pattern of the company, the minority shareholders hold 25.03% of the Adani Power stock. For the delisting proposal to go through, at least 16.69% of these shareholders should vote in favour of the proposal. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stake in Adani Power as on May 31, 2020 </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Equity Arbitrage Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.99375pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.37% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life Equity </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.73% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DSP Arbitrage Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.79% </td></tr><tr><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss Arbitrage Fund </td><td style="border-left:solid #000000 0.496875pt;border-right:solid #000000 0.496875pt;border-bottom:solid #000000 0.496875pt;border-top:solid #000000 0.496875pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.64% </td></tr></tbody></table> Source: BSE, Kotak Securities SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/hexaware-share-price-voluntary-delisting-proposal/articleshow/76208491.cms">Hexaware stock jumps by 20% as the company considers delisting at ₹285 per share</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-are-worth-more-than-hdfc-bank-icici-bank-and-kotak-mahindra-bank-combined/slidelist/76504066.cms">Reliance Industries’ shares are worth more than HDFC Bank, ICICI Bank, and Kotak Mahindra Bank combined</a> <a href="https://www.businessinsider.in/stock-market/markets/news/itc-asian-paints-share-price-dollar-rate-futures-expiry-and-covid-19-cases/articleshow/76502543.cms">ITC, Asian Paints, dollar, F&amp;O expiry and rising COVID-19 cases⁠ — 8 factors that will move stocks this week</a>

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