Baring PE Asia today sold over 8 per cent stake in IT firm Hexaware Technologies for nearly Rs 1,120 crore through an open market transaction.
The shares were disposed of by the private equity firm through HT Global IT Solutions Holdings, an investment vehicle through which Baring Asia holds a controlling stake in Hexaware.
According to the NSE data, the buyers included Citigroup Global Markets Mauritius and Societe Generale.
Baring offloaded 2.50 crore shares, amounting to 8.42 per cent stake in the IT firm.
The shares were sold at an average price of Rs 447.83 apiece, valuing the transaction at Rs 1,119.57 crore, according to the data.
As of June 30, 2018, Baring was holding 21.13 crore shares or 71.22 per cent stake in Hexaware.
Shares of the IT firm today plunged 14 per cent on the bourses following reports of stake sale by Baring.
On the NSE, the stock opened at Rs 452, then fell to a low of Rs 401.10, down 19.24 per cent over its last close. The stock finally settled at Rs 425.40, registering 14.35 per cent decline.
Similar movement was seen on the BSE. The shares opened at Rs 453, then tumbled to a low of Rs 415.20, down 16.57 per cent from its previous closing price. The stock recovered some lost ground and finally ended at Rs 431.50, down 13.30 per cent.
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