Blackstone sells 8 pc stake in Mphasis

Global private equity major Blackstone today offloaded 8 per cent stake in mid-sized IT services exporter Mphasis through open market transactions, senior officials said.

Following the stake-sale, Blackstone's holding in the company has fallen to 52 per cent from a little over 60 per cent.

Blackstone through its unit Marble II Pte sold a total of 8 per cent stake in Mphasis. The shares were sold at an average price of Rs 926, they added.

However, the buyer of the shares could not be ascertained immediately.

In April 2016, Blackstone had bought Hewlett Packard Enterprise's 60.5 per cent stake in Mphasis at Rs 430 per share and made an open offer at Rs 457 per share in 2016.

After the stake-sale, Blackstone India spokesperson said the company is committed to remaining a long-term majority shareholder of Mphasis and retaining control of the company. "Today's block was strategically executed to create more liquidity in the stock and enable high quality long-term investors to participate in the Mphasis growth story. Blackstone does not intend to sell any additional stake," the spokesperson said. 

Shares of Mphasis closed 0.08 per cent higher at Rs 985.45 on BSE.