Home >Markets >Stock Markets >Blackstone offers to buy additional stake in Mphasis for 8,262 crore

Private equity firm Blackstone Group has made an offer to acquire an additional 26% stake in Indian IT outsourcing services provider Mphasis Ltd for 8,262 crore ($1.10 billion), according to a stock exchange filing.

Blackstone bought a 60.5% stake in Mumbai-listed Mphasis from Hewlett Packard Enterprise Co. in 2016 at 430 per share, betting on a double-digit growth in India's information technology industry.

Three Blackstone entities have now offered to buy an additional 49.3 million shares in Mphasis at 1,677.16 per share, according to the offer document filed to the stock exchanges by JM Financial Ltd, the manager of the offer.

Shares of Mphasis rose as much as 5.5% to 1,775 in early noon trade. While the stock has receded from its 52-week peak of 1,835, it’s still trading at more than four times above Blackstone’s offer price five years ago.

Mphasis offers IT outsourcing services to companies globally, including cloud computing services and digital processes for businesses. Its partners and clients include computer software company Adobe and Amazon Web Services, according to its website. (With Agency Inputs)

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