Shares of Mphasis Ltd closed with a gain of nearly 2 per cent on Monday after Blackstone said funds managed by the private equity firm will acquire a majority stake in the IT firm.
The stock went higher by 1.62 per cent to close at ₹1,725.25 on the BSE. During the day, it gained 6.32 per cent to ₹1,805.
On the NSE, it jumped 1.63 per cent to close at ₹1,724.30.
Blackstone on Monday said funds managed by the private equity firm will acquire a majority stake in IT firm Mphasis Ltd, triggering an open offer for acquisition of up to 26 per cent stake for about ₹8,262 crore.
A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments (Office of the Chief Investment Officer of The Regents, University of California) and others will co-invest along with Blackstone, a statement said.
Based on the open offer subscription, the blended purchase price will vary between ₹1,452 to ₹1,497 per share (12-16 per cent premium to 12-month average price and 3-6 per cent discount to 6-month average price) and the purchase consideration will vary between ₹15,200 crore to ₹21,000 crore (approximately USD 2-2.8 billion), the statement said.
A different fund managed by Blackstone had acquired a controlling stake in Mphasis from Hewlett Packard Enterprise in September 2016, it added.
{{/usCountry}}A different fund managed by Blackstone had acquired a controlling stake in Mphasis from Hewlett Packard Enterprise in September 2016, it added.
{{/usCountry}}At the end of March 2021 quarter, Marble II Pte Ltd, a fund managed by Blackstone, held 56.03 per cent stake in Mphasis.
Meanwhile, Mphasis in a regulatory filing said Marble II Pte Ltd - the existing promoter of the target company - will sell up to 1,04,799,577 equity shares as part of the share purchase agreement signed on Monday.
This represents 55.31 per cent of the expanded voting share capital, it added.