The Hindu Business Line : FII, MF pie in Hexaware up, public stake down

THE combined shareholding of mutual funds and UTI has more than doubled in Hexaware Technologies Ltd to 5.10 per cent for the quarter ended December 2004 as against 2.30 per cent the previous quarter. On the contrary, public shareholding in the software company has reduced to 11.14 per cent as against 14.40 per cent, according to latest shareholding pattern available on the Bombay Stock Exchange Web site.

The shareholding of foreign institutional investors (FIIs) in Hexaware increased to 24.13 per cent during December 2004 quarter as against 22.48 per cent the previous quarter. Merrill Lynch Capital Markets Espana increased its stake in the company to 5.40 per cent (4.51 per cent).

The shareholding of Mr Rusi Brij, company's Vice-Chairman and CEO, was 1.10 per cent for the quarter ended December 2004.

It may be recalled that in October last year the company's shareholders approved an increase in FII limit in the company from 40 per cent to 74 per cent for acquisition and holding of equity shares of the company.

According to an analyst tracking the company, there have been a lot of activities in the last few months indirectly related to Hexaware. First, it was the Exult-Hewitt merger, which was followed by Oracle acquiring PeopleSoft, he said. "It would be interesting to note how Hexaware performs in the next couple of quarters," he said.

Exult (a $30-million, five-year contract for PeopleSoft) and PeopleSoft (Hexaware is a consulting partner) are two major clients for Hexaware. Mr Rusi Brij, in an earlier communication to Business Line, said that the Exult-Hewitt merger would only benefit Hexaware in the long run with more business.

Similarly, the company said in a statement that Oracle acquiring PeopleSoft was a positive development. The company is encouraged by Oracle's statements to support PeopleSoft applications until 2013. The company, which is a PeopleSoft service provider globally, believes that its customer base for supporting and maintaining PeopleSoft products should expand in future.

The company is an Oracle partner and has adequate Oracle skills as well. In view of company's current technology strengths and strong relationships, the company is confident that it will be able to continue and build its relationship with Oracle as well, the statement said.

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