Hexaware surges nearly 7% on deal with Baring Private Equity
Aug 26 2013 , Mumbai
Reacting to the news that was announced post market hours on Friday, shares of the company opened higher and further climbed 6.66 per cent to Rs 128.8 on the BSE.
At the NSE, the stock surged 6.66 per cent to Rs 128.80.
Baring will buy out promoters led by Atul Nishar and GA Global Investment Ltd's 41.8 per cent 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 per cent stake and 14.1 per cent from private equity firm General Atlantic.
Post buyout, Baring will make a mandatory tender offer to minority shareholders of Hexaware for up to 26 per cent 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 per cent shareholding in Hexaware."