Thank You guys.. YOU GUYS ARE AWESOME.. :)

I improvised your previous code(Although not efficient as yours).. and was able to do it.. THANKS A LOT..

while (<INFILE>) { 
    chomp($_);
    my @parts = split /(\|[^\|]*\|)/;
   
    for my $part (@parts) {
        if ($part =~ /\|(.*)\|/) 
       {  $part=~s/\|//gi;
           $part=~ tr/ //ds;
            print ($part); 
       }
    else
        {   my $hex = ascii_to_hex($part);
             print ($hex);
        }
        
    }
print("\n");
}
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