Mphasis Block Deal: Mutual Funds Mop Up Shares After Blackstone Pares Stake
Blackstone offloaded 1.8 crore shares for Rs 2,625.59 per share, fetching the private equity giant Rs 4,726 crore.
Three large domestic mutual funds bought Mphasis Ltd. shares via open market transactions on Tuesday, after promoter Blackstone Inc. pared its stake.
ICICI Prudential Mutual Fund acquired over 36 lakh shares for an aggregate amount of Rs 961 crore, as per BSE block deal data. Kotak Mahindra Mutual Fund purchased over 21 lakh shares for Rs 566 crore, while HDFC Mutual Fund bought equity worth Rs 330 crore. The shares were acquired at Rs 2,625 per share.
Blackstone, through affiliate BCP Topco IX Pte., offloaded 1.8 crore shares for Rs 2,625.59 per share, fetching the private equity giant Rs 4,726 crore.
In February, Blackstone sold around 15% in Mphasis for nearly Rs 6,700 crore.
Mphasis is one of the leading providers of Information Technology services specialising in cloud and digital solutions. It has deep domain expertise in the Banking, Financial Services and Insurance sectors (BFSI).
Blackstone has been a majority shareholder in the company since 2016. The US firm spent $2.8 billion in 2021 to acquire a controlling stake in the company.
In the September quarter, revenue rose 4.5% sequentially to Rs 3,902 crore and profit growth of 6.2% at Rs 469 crore. Operating income or Ebitda increased by 4.4% to Rs 596 crore, but margin dipped by 30 basis points to 15.26%. Deal wins during Q2 was at $760 million, compared to $390 million in April-June period.
Shares of Mphasis settled 1.1% lower at Rs 2,659.7 on the BSE, compared to a 0.3% decline in the benchmark Sensex. The stock has fallen 6% so far this year.
The total traded turnover was Rs 6,426 crore with a delivery of 46%.
