Mumbai: Shares of Hexaware Technologies Ltd on Friday fell as much as 16.57%, its steepest fall in three year, to ₹ 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 ₹ 453 and touched a low of ₹ 415.20, down as much as 16.57%, its biggest fall since 24 August 2015. At 9.40am, the stock was trading at ₹ 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 ₹ 1,120 crore in Hexaware at a floor price of around ₹ 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 ₹ 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.