Hexaware surges nearly 7% on deal with Baring Private Equity
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Hexaware surges nearly 7% on deal with Baring Private Equity

Last Updated: Monday, August 26, 2013, 14:02
 
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Hexaware surges nearly 7% on deal with Baring Private Equity
Mumbai: Shares of Hexaware Technologies Monday jumped nearly 7 percent on Baring Private Equity Asia's decision to buy a controlling stake in the outsourcing firm for up to Rs 2,745 crore (about USD 420 million).

Reacting to the news that was announced post market hours on Friday, shares of the company opened higher and further climbed 6.66 percent to Rs 128.8 on the BSE.

At the NSE, the stock surged 6.66 percent to Rs 128.80.

Baring will buy out promoters led by Atul Nishar and GA Global Investment Ltd's 41.8 percent stake at Rs 126 or Rs 135 per share for an aggregate Rs 1,575 crore to Rs 1,687 crore. It will buy Hexaware founders' 27.7 percent stake and 14.1 percent from private equity firm General Atlantic.

Post buyout, Baring will make a mandatory tender offer to minority shareholders of Hexaware for up to 26 percent of the company at Rs 135 a share aggregating to Rs 1,058 crore.

In a statement on Friday, Hexaware said: ""Affiliates of Baring Private Equity Asia have signed definitive agreements to purchase approximately 125 million Hexaware shares, from promoter entities, led by Atul Nishar and GA Global Investments, an affiliate of General Atlantic in aggregate representing 41.8 percent shareholding in Hexaware."

PTI



First Published: Monday, August 26, 2013, 14:02


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