Hexaware Technologies shares surged over 4 per cent on Thursday after Financial Express reported that Baring Private Equity Asia is in exclusive talks with Hong Kong-based PCCW to sell a majority stake in the company. At 10.15 am, share price of Hexaware Technologies was trading 3.29 per cent up at Rs 230.65. The scrip opened at Rs 226.55 and has touhced a high and low of Rs 233.30 and Rs 226.00, respectively, in trade so far. Sensex was trading 21.07 points down at 27,794.11. "The talks are currently understood to be focused around valuations with Baring seeking a minimum 15% premium over the IT player\u2019s current market price," the newspaper reported quoting two investment bankers. Baring Asia is understood to be planning a $400-million overseas bond issue to refinance bank borrowings it raised to acquire Hexaware. \u201cBaring\u2019s current equity in Hexaware is around $100 million and at the present valuation would ensure a doubling of returns on its investments,\u201d the banker said. Hexaware\u2019s revenues have risen from R2,285 crore in FY13 to R3,123 crore in FY15 and it has declared a total dividend of R878 crore in this period. Hexaware\u2019s market cap doubled from R3,829 crore in August 2013 to R6,761 crore currently.