Open offer to activate Hexaware

The stock of Hexaware Technologies will remain active as Baring Private Equity Asia plans to acquire a majority stake in Hexaware Technologies for a total consideration of about Rs 2,745 crore. According to deal approved by the IT company’s board on Friday, the promoters — Atul Nishar (with 27.7 per cent stake) and GA Global Investments (14.1 per cent) — have entered into an agreement to sell their 41.8 per cent stake to the private equity firm for a maximum consideration of Rs 1,687 crore. 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. If the open offer is fully subscribed, Baring will have to shell out Rs 1,058 crore.