Mphasis gets shareholder nod to buy back 1.73 crore shares

Private equity firm Blackstone had bought majority stake in Mphasis from HPE for about $1.1 billion

IT services provider Mphasis on Monday said that its shareholders have approved the proposal to buyback 1.73 crore equity shares worth about Rs 1,103 crore.

The proposal to buy back 1,73,70,078 equity shares at a price not exceeding Rs 635 per share has been approved by shareholders, the company stated in the voting results on the proposal, in a BSE filing on Monday.

According to the statement, the special resolution to buy back 1.73 crore shares representing 8.26 per cent fully paid up capactial was approved by the requisite majority.

Promoters and promoter group hold 60.42 per cent share in the company, while public shareholding is at 39.58 per cent as in December, 2016.

Earlier, private equity firm Blackstone had bought a majority stake in Mphasis from Hewlett Packard Enterprise (HPE) for about $1.1 billion.