Baring's open offer to Hexaware shareholders to open on Oct 18

Baring Private Equity Asia's Rs 1,058 crore open offer for acquisition of 26% in IT & BPO services firm Hexaware is expected to open on October 18 and close on October 31, 2013.

In a filing to BSE, Hexaware said: "This Offer is being made by acquirer and the PACs to all the public shareholders, for acquisition of up to 7,83,49,823 shares, representing 26% of the voting share capital."

The offer price of Rs 135 will be paid in cash, it added.

HT Global IT Solutions Holdings Ltd is the Acquirer and Parel Investment Holdings Ltd and Baring Asia Private Equity Fund are referred to as PACs, the filing said.

HT Global IT Solutions Holdings is a company under the laws of Mauritius and is an affiliate of Baring Private Equity Asia.

Last month, the Mumbai-based Hexaware announced Baring Private Equity Asia will buy out promoters led by Atul Nishar and GA Global Investment Ltd's 41.8% stake at Rs 126 or Rs 135 per share for an aggregate Rs 1,575 crore to Rs 1,687 crore.

It will buy Hexaware founders' 27.7% stake and 14.1% from private equity firm General Atlantic.

Post buyout, Baring will make a mandatory tender offer to minority shareholders of Hexaware for up to 26% of the company at Rs 135 a share aggregating to Rs 1,058 crore.

Hexaware shares today rose by 0.59% to settle at Rs 128.90 apiece from their previous close at BSE.