Blackstone sells 8% of Mphasis at ₹960/shr

Blackstone Group LP, an U.S.-based private equity firm, has sold 8% of its stake in India’s IT company Mphasis at ₹960 per share to both foreign and domestic investors.

“In September 2016 we intended to sell the shares at a price of ₹425 and deferred it as the price was low,” a company source said. “Now, at ₹960 per share, we got a 4X return. From an earlier 60%, the stake in Mphasis stands now at 52%.”

“Blackstone is committed to remaining a long-term majority shareholder of Mphasis and retaining control of the company,” a company source said.

Foreign institutional investors such as Aberdeen, T. Rowe Price, Oppenheimer, were among the buyers, the spokesperson said.

“Today’s block was strategically executed to create more liquidity in the stock and enable high-quality long-term investors to participate in the Mphasis growth story. Blackstone does not currently intend to sell any additional stake,” the spokesperson said.