Baring Private Equity Asia has increased its holding in Hexaware Technologies by acquiring 0.63 per cent stake in the Indian IT and BPO firm through open market purchases. This would result in the PE fund paying a higher price for its earlier announced acquisition of two promoters’ stake in the company.
Baring has hiked its holding in the Mumbai-based company to 8.76 per cent from the earlier 8.13 per cent through persons acting in concert (PACs). The shares were purchased from the open market on Wednesday, Hexaware Technologies said in a stock exchange disclosure on Thursday.
The PACs through which Baring Asia has acquired the stake are HT Global IT Solutions Holdings, Parel Investment Holdings and The Baring Asia Private Equity Fund V, LP. The purchase of the shares comes much before Baring completed the earlier announced acquisition of 41.8 per cent stake in the IT firm.
Additionally, the PE fund will make an open offer to the IT company’s public shareholders to pick up a further 26 per cent stake at Rs 135 per share.