Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Adani Power Delisting - Going Off The Grid

Vedanta Ltd - Roadmap to the Potential Delisting

Indian Delisting/Exit Offers - Know Your Process and The Games Played

Event-Driven

Baring Private Equity Asia (BPEA), having closed its seventh private equity fund at US$6.5bn earlier this year, has offered to buy out the 37.56% shareholding of public shareholders in <a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:7882:1">Hexaware Technologies (HEXW IN)</a> at a floor price of INR 285 per share and delist the company from the stock exchanges.The stock traded limit up 20% to INR 311.4 per share once the announcement was made on Friday. The market was expecting a stake sale by BPEA, similar to its 8% stake sale in 2018. The announcement was unexpected and we believe the stock could run up further.This is the third delisting announcement in India in the last few weeks after <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:514:1">Vedanta Ltd (VEDL IN)</a> and <a href="https://www.smartkarma.com/entities/adani-power-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:247:1">Adani Power Ltd (ADANI IN)</a>. In this Insight, we try to ascertain the likelihood of BPEA reaching the 90% shareholding threshold where they can delist the company and the price they could need to pay to reach the threshold.

Baring Private Equity Asia (BPEA), having closed its seventh private equity fund at US$6.5bn earlier this year, has offered to buy out the 37.56% shareholding of public shareholders in Hexaware Technologies (HEXW IN) at a floor price of INR 285 per share and delist the company from the stock exchanges.The stock traded limit up 20% to INR 311.4 per share once the announcement was made on Friday. The market was expecting a stake sale by BPEA, similar to its 8% stake sale in 2018. The announcement was unexpected and we believe the stock could run up further.This is the third delisting announcement in India in the last few weeks after Vedanta Ltd (VEDL IN) and Adani Power Ltd (ADANI IN). In this Insight, we try to ascertain the likelihood of BPEA reaching the 90% shareholding threshold where they can delist the company and the price they could need to pay to reach the threshold.

Hexaware Technologies - Yet Another Potential India Delisting