Mphasis rallies 10% on FPIs stake buys from Blackstone

The stock rallied 10% to Rs 1,080 on the NSE in late noon deal

Mphasis rallied 10% to Rs 1,080 on the National Stock Exchange (NSE) in late noon deals after the foreign portfolio investors (FPIs) bought stake in information technology (IT) company from the global private equity major Blackstone.

On Monday, Blackstone offloaded 8% stake in mid-sized IT services exporter Mphasis for a little over Rs 14.84 billion through an open market transaction.

Blackstone through its unit Marble II Pte sold a total of 15.46 million shares, amounting to 8% stake of Mphasis.

As of March this year, the private equity giant held 60.38% stake in mid-sized IT services exporter.

Among the buyers of the shares are Nomura, Oppenheimer and First State Investments (Hong Kong) Ltd.

Individually, Oppenheimer International Small Company Fund bought over 2.81 million stocks of Mphasis, FSI (HK) picked up 2.44 million shares, TNTBC as the trustee of Noumra India Stock Mother Fund purchased 1.52 million scrips and Nomura Funds Ireland Public Ltd Co-India Equity Fund acquired 1.12 million shares, the NSE bulk deal data shows.

At 03:15 pm; the stock was up 9% at Rs 1,074 on the NSE, as compared to a marginal 0.01% decline in the Nifty 50 index. A combined 2.28 million shares changed hands on the counter on the BSE and NSE.