Hexaware up on news board set to ok Baring PE's stake buy
Barings will buy out 42 percent stake from the family of Hexaware founder Atul Nishar and private equity firm General Atlantic, and that will be followed up by a mandatory open offer for additional 26 percent stake, according to a news report.
August 23, 2013 / 17:13 IST
Hexaware Technologies shares gained over 1 percent on reports that the software services exporter's board is set to approve purchase of a controlling stake in it by Baring Private Equity Partners Asia for USD 400 million on Friday.
Barings will buy out the 42 percent 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 percent stake, The Economic Times newspaper said, citing sources.Hexaware has been in talks with several companies, including L&T Infotech and Japan's NEC, in the past 1-1.5 years. Reports last year had also said Japan's NTT Group and US PC manufacturer Dell had initiated talks with Nishar and private equity partners.At 10:00hrs, Hexaware shares were trading at Rs 119.25, up 0.5 percent on NSE.Also Read: Reliance Industries, BP discover new gas in Cauvery basin Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
