Hexaware is up over 4%

Hexware is doing very well today morning, currently up over 4% at Rs.125.60, with an intra day high at Rs.128. Volumes are pretty robust at almost 3.5 lakh shares being traded today morning.

The stock is up on the storm being created by the open offer. PE Fund Chrys Capital, which holds 9.6% stake in the company has voiced that the offer by the other PE fund, Baring Private Equity Asia at Rs.135/share is still undervalued. The open offer is being made for 26% stake. Baring had bought 41.8% stake in Hexaware for Rs.1575 to Rs.1687 crore and it is acquiring 12.5 crore shares from promoter, Atul Nishar who holds 27.7% and General Atlantic which holds 14.1%. Baring will be buying stake in Hexaware at Rs.135/share if it gets 50% stake and control of the company or else, the price is at Rs.126/share.