Mphasis shares gain over 4 pc on Blackstone deal

Shares of IT firm Mphasis rose by over 4 per cent today after the US-listed Blackstone said it will invest up to Rs 7,071 crore to acquire a majority stake in the mid-sized IT services exporter from Hewlett Packard Enterprise.
The stock climbed 4.26 per cent to Rs 473.85 on BSE.
On NSE, it rose by 4.2 per cent to Rs 473.80.
Blackstone India will acquire HP's 60.5 per cent stake in the company at Rs 430 per share, which will trigger an open offer for acquiring 26 per cent from other shareholders of Mphasis, for which it has announced a price of Rs 457.50 a share.

Depending on the outcome of the open offer, the US-based asset manager will pay anything between Rs 5,466 crore and Rs 7,071 crore for taking control of the IT company.
Announcement of the transaction after signing of a definitive agreement between the two parties ended speculation over the suitor for the IT exporter, which was put on the block by Hewlett Packard (HP) Enterprise.