Block deal of more than Rs 7,066 crore took place in Mphasis' stock today

10 Jun 2024 , 10:47 AM

In a block deal conducted on the markets, up to 2.95 Crore shares, or 15.6% of  Mphasis’ total equity, changed hands. The overall transaction value exceeded ₹7,066 Crore, with an average price of ₹2,392 per share.

The base price represents a 3% discount to the stock’s Friday closing level.

The buyers and sellers in this transaction are unknown on an official basis. According to sources, Blackstone plans to sell a 10.6% stake in the IT company through block agreements, with a base price of ₹2,350 per share.

The shares involved in the transaction will be locked in for 180 days.

BCP Topco, a private limited company based in Singapore, is affiliated with the large private equity firm Blackstone.

As of March 31, 2024, Blackstone owns a 55.45% ownership in the Bengaluru-based corporation. Following the purchase, Blackstone’s stake will fall to 40.4%, although it will remain the majority shareholder in Mphasis.

Mphasis is a renowned provider of information technology services, focusing on cloud and digital solutions. It has extensive domain knowledge in the banking, financial services, and insurance industries (BFSI).

Mphasis Limited is a global information technology services and consulting firm headquartered in Bangalore. The company offers infrastructure technology and application outsourcing, as well as architecture consulting, application development and integration, and application management services.

At around 10.33 AM, Mphasis was trading 4.13% lower at ₹2,369.90 per piece, against the previous close of ₹2,471.95. The counter touched an intraday high and low of ₹2,447 and ₹2,352.60, respectively.

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