| After nearly four months of intense negotiations with a clutch of bidders, Barings India Investments today announced that it would not sell its 35 per cent stake in MphasiS-BFL, a Bangalore-based software company. |
| In a statement issued here today, the private equity investment firm said, "Given our strong customer franchise and robust growth prospects, we would not like to entertain any of the offers. |
| It is business as usual and the focus has to be on improving customer satisfaction, profitability and growth." |
| The announcement comes after the company evaluated proposals put forward by various entities. The MphasiS-BFL stock price lost 3.38 per cent to close at Rs 250.85 on the National Stock Exchange on Wednesday. |
| A private equity arm of the government of Singapore, Temasek Holdings, and BPO and information technology major Hinduja-TMT, were the front-runners to buy Barings' 35 per cent stake in MphasiS-BFL. |
| The bidding process, which started in May, also saw other contenders like Malaysia's Khazanah and US-based Carlyle. But they pulled out after showing an initial interest. |
| Barings was planning to exit its stake in the software company, an investment it made around seven years ago. |
| Even though Temasek had emerged the front-runner, its Rs 250-260 price did not enthuse Barings as the company was looking at a higher price of Rs 290-300 per share. |
| A strategic investor, Ernst & Young Capgemini, according to industry sources, was also interested in acquiring the stake. |
Explore Business Standard