Hexaware denies stake sale buzz

After an over 100 per cent surge in its share prices on rumours of a possible stake sale, Hexaware Technologies today denied any such move, saying its promoters and the two private equity investors in the company remain committed to the IT firm.

In the morning trade, Hexaware shares had surged over 100 per cent on the two prime bourses of the country amid market rumours about a possible stake sale by the company.

The shares of the software firm jumped to a high of Rs 42, up 109 per cent on the Bombay Stock Exchange in morning trade and was trading at Rs 34.20, up 70.15 per cent in the afternoon deal.

Hexaware founder and Executive Chairman Atul Nishar said: "None of us three (promoter and two private equity firms) have sold any share in the company...We are committed to Hexaware, in fact no shares have been sold in the past two years."

Nishar said that the two private equity investors -- General Atlantic and ChrysCap -- hold 10 per cent and 15 per cent, respectively in the company.

The stock option plan may have resulted in some equity dilution but that is in usual course... As of today the private equity players have not bought any shares, Nishar told reporters here at the sidelines of a Nasscom summit.

For the quarter ended December, 2008, the promoters, including Nishar family, held 23.19 per cent stake in Hexaware.