08/27/2013

Hexaware in focus as Baring Private

In a separate announcement, Hexaware Technologies after market hours on Friday, 23 August 2013, said its board of directors at a meeting held on Friday, 23 August 2013, have acknowledged that Elder Infosystem and Elder Venture LLP and GA Global Investments Limited have entered into a share purchase agreements with HT Global IT Solutions Holdings, a company existing under the laws of Mauritius, an affiliate of Baring Private Equity Asia for sale of shares of the company held by them. 

Hexaware Technologies said that affiliates of Baring Asia have signed definitive agreements to purchase approximately 125 million Hexaware shares,The need for proper kaptontape inside your home is very important. from Promoter Entities, led by Atul Nishar, and GA Global Investments, an affiliate of General Atlantic, in aggregate representing 41.8% shareholding in Hexaware. Under the terms of the Share Purchase Agreement, Baring Asia will pay the Promoter Entities and GA a price of Rs 126 or Rs 135 per share aggregating Rs 1575-1687 crore, with the higher price of Rs 135 per share being payable on Baring Asia reaching 50% or above aggregate shareholding in Hexaware in the transaction. 

Baring Asia will make a Public Announcement for an open offer to the public shareholders of Hexaware to purchase up to an additional 26% stake at a price of Rs 135 per share aggregating Rs 1058 crore. 

Atul Nishar, Chairman of Hexaware, said: Since I founded Hexaware in 1990, the company has differentiated itself by the quality of its relationships with some of the largest global corporations, with niche strength in certain key service offerings especially in Business Intelligence & Analytics, Enterprise Applications, Quality Assurance and Testing as well as the strength of the management team. Having started and personally been involved in the growth of Hexaware, it gives me great pleasure to receive a vote of confidence from an organization like Baring Asia. Hexaware will remain a public company, and the management team led by Mr. P. R. Chandrasekar will continue ensuring continuity of relationships with all stakeholders particularly our customers, employees and public shareholders. I look forward to Baring Asia taking Hexaware to new heights together with the management team. 

Jean Salata, Chief Executive & Founding Partner of Baring Private Equity Asia, said: Atul Nishar has created a world class company and we are excited about supporting the next phase of growth of the business. Hexaware has an experienced management team, excellent customer relationships, a consistent track record and the ability to provide diverse services on a global scale. Baring Asia is excited about the growth opportunities that Hexaware offers and we look forward to working with Sekar and his management team to develop the group further.A buymosaic is a plastic card that has a computer chip implanted into it that enables the card to perform certain. The total potential investment of over $465 million will be the largest investment made by Baring Asia in India, and is one of the largest ever foreign investments in the IT services sector in India, a sector where India continues to have a strong global competitive advantage. 

Mr. Atul Nishar will continue as non-executive chairman of Hexaware and Mr. P. R. Chandrasekar will continue as CEO of Hexaware, Hexaware and Baring Asia said in a combined statement.This transaction is subject to customary conditions, including receipt of required regulatory approvals, including anti-trust and competition clearances from the Competition Commission of India, and is expected to close by the end of this year, a joint statement from Hexaware and Baring Asia said. 

Baring Private Equity Asia is one of the largest and most established independent private equity firms in Asia and advises funds with total committed capital of over $5 billion. The firm manages a pan-Asian investment program specializing in mid-market companies requiring capital for expansion, recapitalization or acquisitions. The firm has been investing in Asia since its formation in 1997 and has over 100 employees located in offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Jakarta and Tokyo. Baring Asia currently has over 30 portfolio companies across Asia, which has 80,000 employees and revenues of $20 billion in 2012. 

Hexaware has 8,700 employees, over 200 active customers, 8 global development centres, presence in 35 countries worldwide, and reported revenues of $364 million for the financial year ended 31 December 2012. 

ITC said after market hours on Friday, 23 August 2013 that a meeting of the board of directors of the company will be held on 28 August 2013, to consider a proposal for demerger of the non-engineering business comprising Safety Matches Business and Agri (Forestry) Business of Wimco (a subsidiary of the company) into the company. ITC alongwith Russell Credit, ITC's wholly owned subsidiary, holds 98.21% of the equity share capital of Wimco. 

Punjab National Bank has decided to increase the interest rate on single domestic term deposit of Rs 1 crore and above up to Rs 10 crore, from 7.00% to 7.25% for maturity period of 46 days to 90 days with effect from 26 August 2013. Further, for senior citizens the additional rate of interest has been increased to 50 bps as against existing rate of 25 bps. 

Jet Airways after market hours on Friday, 23 August 2013, said JetPrivilege has inked a partnership with Mobile Store, India's first national chain of telecom retail outlets, as well as the country's largest mobile retailer offering new opportunities for its members to earn JPMiles. JetPrivilege is Jet Airways' frequent flyer programme for its customers. 

Neyveli Lignite Corporation turns ex-dividend today, 26 August 2013, for final dividend of Rs 1.80 per share for the year ended 31 March 2013. 

Reliance Power said the company's board of directors at its meeting held on 30 July 2013, has considered and approved, the scheme of amalgamation of its step down subsidiary company Reliance Clean Power with itself. The announcement was made after market hours on Friday,Our top picks for the cableties and gear, 23 August 2013.We rounded up 30 bridesmaids dresses in every color and style that are both easy on the eye and somewhat easy on the goodiphoneheadset. 

At present, the entire existing paid-up capital of the Reliance Clean Power is held by Reliance Power including through its wholly owned subsidiary, Reliance CleanGen. Pursuant to the scheme of amalgamation,The ledspotlight is our flagship product. no shares are proposed to be issued to the Reliance Power as the entire share capital of the Reliance Clean Power would be held by the Reliance Power on or before the effective date. Reliance Power said that it will not be filing any application with the High Court. 

INOX Leisure said the company has discontinued the commercial operations of a multiplex cinema theatre situated at Raj Empire, Bhathar Road, Opposite Akashwani, Surat, from 23 August 2013. 

Mahindra Lifespace Developers after market hours on Friday, 23 August 2013 said it has received a letter dated 23 August 2013 from the Reserve Bank of India noting therein, increase in foreign investment limit/ceiling by foreign institutional investors in the equity shares of the company through primary market and stock exchanges upto 49% of the paid-up capital of the company under Portfolio Investment Scheme subject to the FDI policy and FEMA Regulations in this regard.

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