AZB & Partners, J Sagar Associates (JSA) and Khaitan & Co have advised on the Baring Private Equity Asia buy-out and open offer of IT and BPO firm Hexaware Technologies for a total of around Rs 2,745 crore ($440m).

AZB Mumbai partners Abhijit Joshi and Essaji Vahanvati acted for Hexaware and General Atlantic, which held a part of the 41.47 per cent stake that was sold to Baring.

Hexaware’s promoter Atul Nishar was advised by JSA Mumbai partners Somasekhar Sundaresan and Manisha Kumar, and senior associate Neha Verma. 

Khaitan acted for the buyer, Baring, with a raft of partners including recent lateral hires, led by Mumbai partner Haigreve Khaitan and Bangalore partner Ganesh Prasad.

Khaitan real estate partner Abhishek Sharma, direct tax executive director Daksha Baxi, and funds partner Siddharth Shah led in their respective practice areas, with executive director Sudhir Bassi and partners Arindam Ghosh and Avaantika Kakkar also assisting on the deal.

The stakes were agreed to be bought by Baring for between Rs 1,575 crore to Rs1,687 crore, and the fund will make an open offer to acquire another 26 per cent of shares on 18 October for Rs 1,058 crore.