On June 10, a block transaction worth 2.95 crore shares, or 15.6% of Mphasis, was listed on the markets. The deal, which was completed at an average cost of Rs 2,392 per unit, was valued at Rs 7,066 crore.
Mphasis's stock also declined in response to the block deal, and as of 09.19 am, it was trading more than 2% down at Rs 2,421.45 on the NSE. As three crore shares have traded on the exchanges thus far, volumes on the counter have also increased dramatically compared to the one-month daily trading average of five lakh shares.
According to a report by a credible source, private equity giant Blackstone was planning to sell off a 10.6 percent share in the IT company.
As per the report by a credible sourcec, the Rs 4,700 crore base transaction included an option to enhance the share sale to 15 percent, with the aim of raising a total of Rs 6,697 crore. A 180-day lock-in period is also scheduled to begin after the stake sale, after which Blackstone will not be able to carry out any more transactions of that nature.
According to the most recent shareholding statistics provided by Mphasis, Blackstone was the company's largest stakeholder with a 55.45 percent interest, held through its subsidiary BCP Topco. Blackstone would still maintain the largest shareholder position in the firm after the block sale, despite its stake decreasing to 39.85%.
Compared to Rs 405.3 crore in the same time previous year, Mphasis's consolidated net profit in the March quarter of FY24 decreased marginally by about 3 percent to Rs 393.2 crore. In spite of this, the business increased its sales from Rs 3,361.2 crore to Rs 3,142 crore in the previous year. The business also signed new contracts in the same quarter for a total value of $177 million, or around Rs 1,475 crore.
