Mphasis Shares Plunge 4% After ₹6,841 Cr Block Deal, Blackstone Likely Seller

Shares of IT Major, Mphasis were trading 2% down on Monday after a block deal got executed in the bourses. 

What Happened: A block deal involving 2.86 crore, a 15% stake at an average price of ₹2391.05 was executed at the National Stock Exchange on June 10. The value of the transaction is around ₹6841.90 crore. 

Though the seller is not verified, CNBCTV18 had reported Blackstone was looking to sell a 15% stake in Mphasis. Blackstone through BCP Topco IX Pte, the foreign promoter of Mphasis is likely to sell a 10% stake along with an upsize option to increase the stake sale to 15%. 

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The share sale will trigger a 180-day lock-in period before Blackstone can carry out further stake sales. According to the shareholding pattern, BCP Topco IX Pte held a 55.45% stake in the company til March 2024. 

In its March quarter results, Mphasis had posted a 2.98% decline in net profit to ₹393.2 crore in the quarter. Its revenue from operations gained 1.51% to ₹3412.05 crore in the quarter. 

Blackstone had acquired a 60% stake in Mphasis from Hewlett Packard Enterprise in 2016. 

Price Action: Mphasis stock was trading 4.46% down at ₹2,361.60 on Monday morning. 

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