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Capital Market | 6 September 2013

ChrysCapital Offloads Stake in Hexaware

by Tilak Devadiga
ChrysCapital Offloads Stake in Hexaware
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ChrysCapital, through its investment vehicle Dali Limited sold 485733 lac shares of @Hexaware1655 through an open market transaction for a total consideration of R61.42 Cr. The PE firm offloaded 1.628% stake in the IT firm by selling 3010047 lac shares at R126.48 each on NSE and 1,845,736 lac shares at R126.51 each on BSE.

ChrysCapital held 2.86 Cr shares, equivalent to 9.59 % stake in Hexaware Technologies as on June 2013.

Hexaware Technology has been in the lamplight for making one of the largest PE deals in India's $108 billion IT exports sector – Baring PE Asia’s buyout deal in Hexaware for R2,745 Cr.

Baring would buy the stakes of Nishar family and @General_Atlantic and then initiate a tender offer for another 26% stake of Hexaware for R1,058 Cr which is expected to open on October 18 and close on October 31, 2013.

Hexaware is India's ninth largest IT exporter with annualized revenue of R912 Cr in calendar 2012.

Hexaware on BSE

Hexaware On BSE

ChrysCapital is an India focused investment firm managing $2.5 billion across six funds. Its current investments include; Amtek Group , @Eris_Lifesciences , Gammon, @HCL_Technologies, ING Vysya Bank, Intas Pharma, JMT Auto, KPIT Cummins, Mankind Pharma, NCC, Parksons, Pratibha Industries, Simplex Infra, Spanco Tele.

Deals executed by ChrysCap this year, offloaded 9 lac shares for R105 per piece of Ahmednagar Forgings; invested R250 Cr in CavinKare; acquired 10% stake in NBFC - Au Financiers for R120 Cr.

Other deals in this space;

  • Rakesh Jhunjhunwala had bought 25 Mn shares of @Firstsource_Solutions_L on NSE through a bulk deal transaction amounting to R25 Cr from ICICI and others.
  • Emerging Markets Sudan Free Equity Index Fund had offloaded 86.24 lakh shares of @Satyam_Computer amounting to R98.47 Cr.
  • @Zensar_Technologies_L, an outsourcing service firm, was planning to acquire two companies in the US to strengthen its presence in the largest export market.
  • British Telecom had sold its remaining 9.1% stake in @Tech_Mahindra_L for around $183 Mn by offloading more than 11.6 Mn shares through block deals.

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Swiss Finance Corporation Limited has bought 26,99,232 shares of Gujarat Pipavav Port Ltd for a total of R11.87 Cr through open market transaction at R44 each on NSE.


Navayuga Plan To Sell Stake In Its Power Assets

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Hyderabad-based CVR Group unit Navayuga Power may sell stake in its power assets to Toshiba, Sumitomo, Mitsubishi & GDF Suez. The deal Value expected to be in between INR 13,800 to 14,400 Mn for equity stake 49 to 51%.

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