Baring PE Asia sells over 8% stake of Hexaware Tech for Rs 1,120 cr

Baring PE Asia today sold over 8 percent stake in IT firm Hexaware Technologies for nearly Rs 1,120 crore through an open market transaction.

The shares were disposed of by the private equity firm through HT Global IT Solutions Holdings, an investment vehicle through which Baring Asia holds a controlling stake in Hexaware.

According to the NSE data, the buyers included Citigroup Global Markets Mauritius and Societe Generale.

Baring offloaded 2.50 crore shares, amounting to 8.42 percent stake in the IT firm.

The shares were sold at an average price of Rs 447.83 apiece, valuing the transaction at Rs 1,119.57 crore, according to the data.

As of June 30, 2018, Baring was holding 21.13 crore shares or 71.22 percent stake in Hexaware.

Shares of the IT firm today plunged 14 percent on the bourses following reports of stake sale by Baring.

On the NSE, the stock opened at Rs 452, then fell to a low of Rs 401.10, down 19.24 percent over its last close. The stock finally settled at Rs 425.40, registering 14.35 percent decline.

Similar movement was seen on the BSE. The shares opened at Rs 453, then tumbled to a low of Rs 415.20, down 16.57 percent from its previous closing price. The stock recovered some lost ground and finally ended at Rs 431.50, down 13.30 percent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)