Mphasis falls 3% after Blackstone cuts stake by 8% in company

Mphasis share price corrected nearly 3 percent intraday Monday after promoter Blackstone cuts its stake in the company by 8 percent.

Marble II Pte Ltd, a unit owned by PE firm Blackstone, sold 8 percent stake in the IT company at Rs 960 per share today.

The price at which PE firm sold stake was more than double it paid for buying stake in the Bengaluru based IT services firm.

Aberdeen, T Rowe Price and Oppenheimer were buyers for the stake.

As of March 31, 2018, Blackstone through its unit Marble II Pte held 60.38 percent stake in Mphasis.

Blackstone had purchased this stake from Hewlett Packard Enterprise at Rs 430 per share & made an open offer at Rs 457 per share in 2016.

After stake sale, Blackstone said it committed to remain a long-term majority shareholder in Mphasis and did not intend to sell any additional stake in the company.

Today’s block in Mphasis executed to create more liquidity in the stock, it added.

At 10:02 hours IST, the stock price was quoting at Rs 977.45, down Rs 10.55, or 1.07 percent on the BSE.

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