According to information available with the stock exchanges, EG Shares India Small Cap Mauritius sold 37,70,609 scrips, amounting to 1.26 per cent holding, of Hexaware.
The shares were offloaded for an average price of Rs 123.98, valuing the transaction at Rs 46.74 crore, the data showed.
However, the identity of the buyer(s) could not be ascertained immediately.
EG Shares India Small Cap Mauritius is a sub-account of IIFL Inc, according to Sebi data.
As of June quarter, an entity called 'EG Shares High Income/Low Beta' held 37.70 lakh share, amounting to 1.26 per cent stake in Hexaware, according to BSE data.
During the month, Dali Ltd, an investment vehicle of PE firm Chrys Capital, had offloaded more than 89 lakh shares of Hexaware for around Rs 112 crore through open market route.
Last month, Hexaware had announced that PE major Baring Private Equity Asia would buy a controlling stake in the outsourcing firm for up to Rs 2,745 crore making it one of the largest deals in Indian IT services space.
Shares of Hexaware today plunged by 1.78 per cent to settle at Rs 123.85 apiece on the BSE.