Promoter Blackstone is looking to offload up to 9.5% of Mphasis’ equity through block deals in today’s session. The floor price has been fixed at Rs 2,570 per share, which is 4.4% below Monday’s closing price, CNBC-TV18 reported. At this price, the total transaction is estimated at around Rs 4,626 crore. The seller will also face a 180-day lock-in for any subsequent stake sale.
Following the media report, Mphasis told the exchanges that it is not involved in the proposed deal, which pertains to its promoter BCP Topco IX Pte Ltd, part of the Blackstone Group. The company added that it has sought further details from the promoter. Citigroup is the banker to the transaction.
Blackstone last reduced its stake in June 2023, selling about 15.6% of Mphasis for nearly Rs 7,066 crore. The US-based private equity firm has been the majority shareholder since 2016 and invested $2.8 billion in 2021 to consolidate its position. As of the September quarter, BCP Topco IX Pte Ltd held 40.1% in Mphasis.
The IT services company has strong capabilities in cloud and digital solutions, with a deep presence in the BFSI vertical.
The Bengaluru-headquartered firm reported a 10.8% year-on-year increase in consolidated net profit to Rs 469 crore in the September quarter, up 4.5% sequentially. Revenue rose 10.3% YoY to Rs 3,901 crore, led by growth in the banking and financial services and insurance verticals, which grew 13.8% and 31.5% YoY, respectively.The mid-sized company added new deals worth $528 million in the quarter, down from $760 million in the June quarter but up from $207 million a year ago.Mphasis shares are up 6% in the last six months.
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