MphasiS rose 1.24% to Rs 545 at 11:10 IST on BSE after reports of Competition Commission of India clearing Blackstone's deal to acquire stake in MphasiS from its promoters.
Meanwhile, the S&P BSE Sensex was down 23.90 points or 0.09% at 26,843.02.
On BSE, so far 5,420 shares were traded in the counter as against average daily volume of 25,388 shares in the past one quarter. The stock hit a high of Rs 551.25 and a low of Rs 539.50 so far during the day. The stock had hit a 52-week high of Rs 582.85 on 3 June 2016. The stock had hit a 52-week low of Rs 382.05 on 24 August 2015. The stock had outperformed the market over the past one month till 20 June 2016, gaining 15.94% compared with 6.19% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.68% as against Sensex's 7.67% gains.
The large-cap company has equity capital of Rs 210.19 crore. Face value per share is Rs 10.
Competition Commission of India (CCI) reportedly cleared private equity major Blackstone's multi-billion dollar deal to buy stake in MphasiS from the promoters of the company. In April this year, Blackstone had entered into a share purchase agreement (SPA) to acquire from the promoters of MphasiS up to 12.71 crore shares representing 60.17% stake in MphasiS at Rs 430 per share. Blackstone has also announced an open offer to the public equity shareholders of MphasiS to acquire up to 5.49 crore shares, representing 26% stake at Rs 457.54 per share, aggregating to total consideration of Rs 2513.18 crore as per the regulation after entering into the SPA.
Blackstone is a global alternative asset manager and provider of financial advisory services.
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On consolidated basis, MphasiS' consolidated net profit fell 10.87% to Rs 154.76 crore on 0.03% rise in net sales to Rs 1517.27 crore in Q4 March 2016 over Q3 December 2015.
MphasiS is a IT solutions provider, offering applications, business process outsourcing (BPO) and infrastructure services globally through a combination of technology knowhow, domain and process expertise.
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