At the end of March 2021 quarter, Marble II Pte Ltd, a fund managed by Blackstone, held 56.03 per cent stake in Mphasis.(MINT_PRINT)
At the end of March 2021 quarter, Marble II Pte Ltd, a fund managed by Blackstone, held 56.03 per cent stake in Mphasis.(MINT_PRINT)

Mphasis shares gain nearly 2 pc

  • 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.
PTI | , New Delhi
UPDATED ON APR 26, 2021 08:02 PM IST

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.

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.

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