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Blackstone buys additional 4% stake in Mphasis for Rs 525cr: Report

Blackstone acquired about 7.48 million shares through its unit Marble II Pte during March 17-20

April 03, 2020 / 02:58 PM IST
 
 
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New York-based Blackstone Group has raised its stake in software company Mphasis, taking advantage of the drop in the latter's share price, The Economic Times reported.

The private equity firm has acquired an additional 4.01 percent of Mphasis for Rs 525 crore ($69 million) after its share price plummeted in mid-March, taking its total stake to 56.21 percent, the report said.

Moneycontrol could not independently verify the report.

As per BSE shareholding data, the promoter and promoter group still own 52.2 percent in Mphasis.

Blackstone acquired about 7.48 million shares through its unit Marble II Pte during March 17-20, the report said.

“Shares were acquired at an average price of Rs 696. Blackstone used this significant fall in share price as an opportunity to consolidate its holdings and for supporting management teams during testing times,” the article quotes a source as saying.

The BSE website says Marble II Pte made a bulk deal for 18,07,000 Mphasis shares on March 19 at Rs 691.34 each.

Several listed companies on the benchmark indices have plunged following the coronavirus outbreak. On April 2, Mphasis' closed at Rs 675.85 per share on the BSE, which is 33.4 percent lower than the Rs 1,015 it had recorded in June 2019.

Blackstone had paid Hewlett Packard Enterprise Rs 430 per share when it acquired a 60.5 percent stake in Mphasis in 2016.

Moneycontrol News
first published: Apr 3, 2020 02:58 pm

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