General Atlantic, one of the leading global private equity firms with nearly Rs 45,000 crore under management, has made an investment of Rs 300 crore in the Rs 370-crore IT and BPO firm Hexaware Technologies.
The investment, split into an almost equal number of equity shares and convertible shares accounting for around 15 per cent of the post-issue equity of the company, has valued the company at around Rs 142.10 per share or Rs 1,700 crore, a discount of 12.5 per cent to today's closing price.
Hexaware, providing software services to the finance, healthcare, transportation and hospitality sectors, has seen a 38 per cent increase in its revenues during the last four quarters and a 79 per cent jump in its earnings which stood at around 77.55 crore.
The company said the new investment will be used to create infrastructure, enable acquisitions and to meet working capital needs of the company.
"This will result in long term sustained growth and also help Hexaware to realize new growth opportunities," a statement announcing the deal said.
"We believe this partnership with General Atlantic will be a platform for Hexaware's global business development and take the company to the next level," Atul Nishar, Executive Chairman of the Company said.
According to today's deal, around 1.06 crore equity shares were issued to the investment firm for Rs 150.2 crore and while another 10.55 lakh preference shares were also issued in return for Rs 150 crore.
The preference shares shall carry a coupon rate of 2.95 per cent for the first eighteen months and 5 per cent after that if the investor chooses not to convert them into equity.
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