Baring Private Equity Asia (Baring Asia) has signed definitive agreements to purchase approximately 125 million Hexaware Technologies shares, from Promoter Entities, led by Atul Nishar who currently holds 27.7% of currently outstanding share capital, and GA Global Investments which holds 14.1% of currently outstanding share capital, an affiliate of General Atlantic (GA), in aggregate representing 41.8% shareholding in the company.
Under the terms of the share purchase agreement (SPA), Baring Asia will pay the Promoter Entities and GA a price of Rs 126 or Rs 135 per share aggregating Rs 1,575 - 1,687 crore approximately $242-260 million, with the higher price of Rs 135 per share being payable on Baring Asia reaching 50% or above aggregate shareholding in the company in the transaction.
In accordance with the requirements under the Securities and Exchange Board of India (SEBI) Regulations, 2011, Baring Asia will make a Public Announcement for an open offer to the public shareholders of Hexaware to purchase up to an additional 26% stake at a price of Rs 135 per share aggregating Rs 1,058 crore approximately $160 million.
Morgan Stanley acted as primary financial advisor and Credit Suisse as co-advisor to the Promoter Entities and General Atlantic. AZB & Partners acted as legal counsel for the sellers. In addition J Sagar Associates acted as legal advisors for the Promoter. Khaitan and Co and Allen & Overy LLP acted as legal advisors to Baring Private Equity Asia.
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