Its consolidated revenues during Q3, 2013 rose by 22.4 per cent to Rs 621.1 crore, as against Rs 507.5 crore in the year-ago period, said the company which follows January- December period as its financial year.
Baring Private Equity Asia has completed acquisition of a 41.47 per cent stake in outsourcing firm Hewaware Technologies.
Foreign institutional investor (FII) EG Shares India Small Cap Mauritius on Friday offloaded 37.70 lakh shares of outsourcing company Hexaware Technologies for about Rs 47 crore through open market route.
In a filing to BSE, Hexaware said: "This offer is being made by acquirer and the PACs to all the public shareholders, for acquisition of up to 7,83,49,823 shares, representing 26 per cent of the voting share capital."
Kotak said Hexaware will struggle to retain currency-windfall benefits. Prabhudas Lilladher recommended investors to tender shares in the open offer citing weak fundamentals.
The deal, which is subject to regulatory approvals, will be the fourth largest acquisition of an Indian company this year and fifth largest in the technology sector.
Baring will buy 41.8 per cent in the Indian outsourcing service provider from the founders and private equity investor General Atlantic for about $260 million.
Baring will buy Hexaware founders' 27.7 per cent stake and 14.1 per cent from private equity firm General Atlantic for about $260 million, the company said in a statement issued on Friday.
The deal is expected to be approved by the Hexaware board as early as Friday, said the sources, who declined to be named before a public announcement. A spokeswoman for Hexaware did not have immediate comment.
Mid-sized IT services company Hexaware Technologies posted on Friday a 10 per cent increase in its consolidated net profit at Rs 97.90 crore for the quarter ended June 30, 2013, helped by growth in the financial services segment.
Hexaware shares surged as much as 9 per cent in early trade on Monday after the mid-size IT firm reported higher than expected profit for the December quarter.
Hexaware Technologies shares tanked on Friday after the company revised its fourth-quarter revenue guidance downwards.
Quarterly sales, in US dollars, rose 3.6 per cent at $91.2 million against $88 million.
Hexaware expects June quarter dollar revenue at $91 million-$92 million, which implies a growth of 3.4 - 4.5%.
While asserting that it has not appointed Citigroup as the investment banker for a possible takeover of Hexaware, company Chairman A M Naik said has held discussions with the IT company only once to know if they can participate in the sale process.