Owners of IT specialist Hexaware to sell their stakes

According to LiveMint, the holdings in question include General Atlantic's 14.9% stake in the company and the promoters' 28.18% share, which were valid as of September 30. Sources close to the deal added that Citigroup Capital Markets is charged with finding the buyer.

Suitors will be selected if they are willing to pay a premium to the current market price, though specific details of the sale targets were not released. Hexaware closed on both the Bombay Stock Exchange and the National Stock Exchange of India yesterday at INR89.40 a share, near its 52-week high of INR93.70.

Based on its Monday close, Hexaware is worth approximately INR26 billion ($534.8 million). General Atlantic invested INR3 billion in the company in 2006, in a deal that valued the company at INR17 billion at the time.

Founded in 1990, Hexaware is a provider of IT and BPO services for 156 active global clients within the healthcare, manufacturing, travel, transportation, hospitality and finance industries. By 2008, the company claimed to have generated more than $262 million in revenue, and duly went public. It has grown through the years through M&A activity.

Hexaware currently claims approximately 6,000 employees in 20 countries, and reported second-quarter profit of INR647 million, up 54% year-on-year. Revenue rose 30% to INR3.6 billion.

News of the sale comes four months after Blackstone sold its 66.25% stake in Indian BPO company Intelenet Global Services to Serco, the British support-services firm, for $634.2 million. That deal also saw the US private equity player see a significant return on its investment in Mumbai-based Intelenet. It is said to have purchased its majority stake in 2007 via a management buyout, paying less than $200 million.

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• Topics
• South Asia
• Technology
• Exits
• India
• TMT
• Exit
• General Atlantic