Hexaware Technologies has soared 5% to Rs 125 in noon deals on BSE, on reports that Baring Private Equity Partners Asia will buy out a controlling stake in the company for for about Rs 2,600 crore ($400 million).
“The board of Hexaware Technologies is meeting on today to approve the purchase of a controlling stake in the company by Baring Private Equity Partners Asia for about Rs 2,600 crore ($400 million),” the Economic Times report suggests.
Barings will buy out the 42% stake from the family of Hexaware founder Atul Nishar and private equity firm General Atlantic Partners, which will be further followed up by a mandatory open offer for an additional 26% stake, reports suggest.
Currently, the promoters have 27.92% stake in the company, the BSE data shows.
The stock opened at Rs 126 and hit a low of Rs 119 on NSE. A combined 3.68 million shares change hands on the counter so far on NSE and BSE.
“The board of Hexaware Technologies is meeting on today to approve the purchase of a controlling stake in the company by Baring Private Equity Partners Asia for about Rs 2,600 crore ($400 million),” the Economic Times report suggests.
Barings will buy out the 42% stake from the family of Hexaware founder Atul Nishar and private equity firm General Atlantic Partners, which will be further followed up by a mandatory open offer for an additional 26% stake, reports suggest.
Currently, the promoters have 27.92% stake in the company, the BSE data shows.
The stock opened at Rs 126 and hit a low of Rs 119 on NSE. A combined 3.68 million shares change hands on the counter so far on NSE and BSE.