Hexaware Tech shares plunge 17% on reports of promoter stake sale
Hexaware Tech shares fall as much as 16.57% to Rs 415.20 per share after the company witnesses series of block deals in which 23.3 million shares changed hands
Mumbai: Shares of Hexaware Technologies Ltd on Friday fell as much as 16.57%, its steepest fall in three year, to Rs 415.20 per share on BSE after the company witnessed series of block deals in which 23.3 million shares, representing a 7.8% stake of the company, changed hands, Bloomberg reported. However, details of the buyers and sellers were not known.
Hexaware Tech shares opened at Rs 453 and touched a low of Rs 415.20, down as much as 16.57%, its biggest fall since 24 August 2015. At 9.40am, the stock was trading at Rs 424.85 on BSE, down 14.6% from previous close. So far this year, it gained 26%.
On Thursday, Mint reported that Asia-focused private equity firm Baring Private Equity Asia is selling its stake worth almost Rs 1,120 crore in Hexaware at a floor price of around Rs 447.5 per share. Baring PE Asia currently holds a 71.25% stake in the IT company, through an entity called HT Global IT Solutions Holdings Ltd.
Baring, in 2013, had acquired a 42% stake in the company, buying out stakes of Hexaware founder Atul Nishar and private equity firm General Atlantic for around Rs 1,600 crore. The PE firm had later acquired additional stake in the company through a mandatory open offer.
Citigroup Global Markets India is the sole placement agent for the offer.