Mphasis rallies 10% on FPIs stake buys from Blackstone

The stock rallied 10% to Rs 1,080 on the NSE in late noon deal

Mphasis rallied 10% to Rs 1,080 on the National Stock Exchange (NSE) in late noon deals after the foreign portfolio investors (FPIs) bought stake in information technology (IT) company from the global private equity major Blackstone.

On Monday, Blackstone offloaded 8% stake in mid-sized IT services exporter Mphasis for a little over Rs 14.84 billion through an open market transaction.

Blackstone through its unit Marble II Pte sold a total of 15.46 million shares, amounting to 8% stake of Mphasis.

As of March this year, the private equity giant held 60.38% stake in mid-sized IT services exporter.