Baring Private Equity Asia has completed acquisition of a 41.47 per cent stake in outsourcing firm Hewaware Technologies.
The PE firm bought the stake held by outsourcing firm's promoters and GA Global Investment.
Jimmi Mahtani and Kosmo Kalliarekos have joined the company's board as nominee directors of Baring Private Equity Asia.
Following the completion of the acquisitions of stake, members of the existing promoter group led by Atul Nishar have ceased to be promoters of the company, Hexaware Technologies said in a filing to the BSE on Friday.
"HT Global is now classified as the Promoter of Hexaware," it said. HT Global IT Solutions Holdings is an affiliate of Baring Private Equity Asia.
Baring Private Equity Asia in August had agreed to buy out promoters' over 41 per cent stake for an aggregate up to Rs 1,687 crore.
"Affiliates of Baring Private Equity Asia have signed definitive agreements to purchase approximately 125 million Hexaware shares, from promoter entities, led by Atul Nishar, and GA Global Investments, an affiliate of General Atlantic in aggregate representing 41.8 per cent shareholding in Hexaware," the company had said in a statement earlier.
Pursuant to the completion of acquisition of equity shares from promoter entities, Ashish Dhawan, L S Sarma, Shailesh Haribhakti, Preeti Mehta, Subrata Kumar Mitra and S Doreswamy have resigned from the Board of Hexaware and its subsidiaries, the filing said.
"Their resignations have been accepted by the board at its meetting held today," it added.