Hexaware CEO PR Chandrasekhar sells stake in company following sale to Barings

MUMBAI: Hexaware CEO PR Chandrasekhar has sold his entire stake, worth about Rs 37 crore, in the company, after its promoters sold out to Barings Private Equity Asia, paving the way for the private equity firm to gain a majority ownership in the Mumbai-based company.

Last month, Hexaware promoter Atul Nishar and private equity firm General Atlantic sold their 41.8% stake to Baring, which will spend between Rs 1,575 crore to Rs 1,687 crore at Rs 126 -135 per share, with the higher price payable should the private equity firm manage to acquire 50% or more through an open offer.

The Chandrasekar family benefit trust sold 26 lakh shares, while CEO sold an additional 3.6 lakh shares last week, a filing with the Bombay Stock Exchange showed.

At the time of announcing the sales, Nishar had said the current management would remain the same under the new owners.

“It’s interesting. It could be part of a strategy to help Barings take the controlling stake in the company,” Harit Shah, analyst with Nirmal Bang, told ET.

Foreign institutional investors have been selling their holdings in the company. EG Shares India Small Cap Mauritius offloaded 37.70 lakh shares for about Rs 47 crore through the open market route. Dali Ltd, an investment vehicle of PE firm Chrys Capital, sold more than 89 lakh shares of Hexaware for around Rs 112 crore through open market route in September.