Shares of Hexaware Technologies on Monday
jumped nearly 7 per cent on Baring Private Equity Asia's decision to
buy a controlling stake in the outsourcing firm for up to Rs 2,745 crore (about $420 million).
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.
Reacting to the news that was announced post market hours on Friday, shares of the company jumped 6.13 per cent to Rs 128.15 on the Bombay Stock Exchange. Intra-day, the stock climbed 7.24 per cent to Rs 129.50.
On the National Stock Exchange, the scrip ended at Rs 128.55, up 6.46 per cent from its previous close.
In terms of volume, 13 lakh shares shares were traded on BSE while over 85 lakh shares changed hands on NSE.
In the broader market, the BSE Sensex ended the day at 18,558.13, up 38.69 points.
With inputs from PTIDisclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Special 
