Tuesday, Nov 18 — Shares of Mphasis Ltd slipped over 4% in early trade, quoting at Rs 2,651, as the stock will be in focus today with the company expected to witness the largest block deal among the three lined up for the session. The development confirms a CNBC-TV18 newsbreak.
Blackstone, the promoter of Mphasis, is likely to sell up to 9.5% of the company’s total equity through block deals. The floor price has been set at Rs 2,570 per share, reflecting a 4.4% discount to Monday’s closing price. Based on the floor price, the approximate deal size stands at Rs 4,626 crore. A 180-day lock-in on further selling will also apply to the seller.
Block deals are also expected in Paytm and Emcure Pharma, where existing promoters or private equity firms are likely to offload shares.
In response to CNBC-TV18’s report, Mphasis informed the exchanges that the company is not a party to the potential transaction, as it involves its promoter BCP Topco IX Pte. Ltd., part of the Blackstone Group. The company added that it has reached out to the promoters seeking further clarity. Citigroup is the merchant banker to the deal.
Last year in June, Blackstone sold 15.6% in Mphasis for nearly Rs 7,066 crore. The US-based private equity firm has been a majority shareholder since 2016 and had invested $2.8 billion in 2021 to acquire a controlling stake. As of the September quarter, BCP Topco IX Pte. Ltd. held 40.1% in Mphasis.
Mphasis continues to be a key IT services provider with capabilities in cloud, digital solutions and strong domain depth in the BFSI segment.
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