Mphasis promoter entity pares 15% stake for Rs 6,735 crore

Global investment firm Blackstone, promoter of Mphasis, on Monday divested a 15.08 per cent stake in information technology and consulting company for Rs 6,735 crore through an open market transaction on the National Stock Exchange (NSE).

As per the bulk deal data available with the NSE, US-based Blackstone through its affiliate BCP Topco IX Pte sold 2.85 crore equity shares, amounting to a 15.08 per cent stake in the IT and consulting firm.

The shares were disposed of at an average price of Rs 2,363.37 apiece, taking the transaction value to Rs 6,735.60 crore.

After the stake sale, shareholding of Blackstone has declined to 40.37 per cent from 55.45 per cent in Mphasis. However, it will continue to be the largest shareholder in the firm.

This marks the second-largest block deal of the year.

The largest was British American Tobacco's (BAT) divestment of a 3.5 per cent stake in ITC, for Rs 17,485 crore.

Meanwhile, Kotak Mahindra Mutual Fund, Morgan Stanley Asia Singapore Pte, and Societe Generale bought a total of 80.32 lakh shares of Mphasis.

The shares were purchased at an average price of Rs 2,363 apiece, taking the deal value to Rs 1,898.04 crore.

Details of other buyers could not be ascertained.Shares of Mphasis fell 2.99 per cent to close at Rs 2,398 per piece on the NSE.

Mphasis is a leading provider of information technology services specialising in cloud and digital solutions.

In April 2016, Blackstone announced that private equity funds managed by the investment firm have entered into a definitive agreement with Hewlett Packard Enterprise to buy a majority -- 60.5 per cent -- stake in Mphasis Ltd.

This deal was the largest acquisition by Blackstone in India.