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This is an archive article published on August 24, 2013

Baring to acquire controlling stake in Hexaware

Baring Private Equity Asia will buy a controlling stake in Indian outsourcing firm Hexaware Technologies.

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Baring Private Equity Asia will buy a controlling stake in Indian outsourcing firm Hexaware Technologies.

The total cost of acquisition,including the open offer,works out to Rs 2,745 crore around 420 million.

The PE firm will buy out promoters led by the companys founder Atul Nishar and GA Global Investments 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.

Nishar holds 27.7 per cent stake and 14.1 per cent is held by General Atlantic.

Baring will make a mandatory open offer to minority shareholders for up to 26 per cent of the company at Rs 135 a share,aggregating Rs 1,058 crore 160 million.

The higher price of Rs 135 per share is payable on Baring Asia reaching 50 per cent or above aggregate shareholding in Hexaware in the transaction.

 

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