Mphasis block deal: Mphasis share price slipped 4.8 per cent to Rs 2,353.5 apiece on the BSE on Monday, in the intraday trade, after nearly 30 million shares changed hands on the exchanges in block deal.
At 9:15 AM, a combined 29.5 million equity shares, at an average price of Rs 2,392 per share, changed hands on the BSE and the National Stock Exchange (NSE). The total deal value was over Rs 7,000 crore.
While the buyers and sellers could not be ascertained, reports said BCP Topco, an affiliate firm of BlackStone, was the likely seller.
As per reports, the investor was looking to sell a 10.6 per cent stake in the IT company, with an option to increase the stake sale size to 15 per cent.
The stake sale, as per reports, would trigger a 180-day lock-in period before Blackstone-backed BCP Tapco could execute another block deal.
At the end of the March quarter, BCP Topco was the largest shareholder with 55.45 per cent stake. Post the block deal, the shareholding will come down to 39.85 per cent.
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Among public shareholders, mutual funds held 13.88 per cent stake in the information technology (IT) company, AIFs 0.24 per cent, Insurance companies 10.28 per cent, and foreign portfolio investors (FPIs) 14.23 per cent stake.
Mphasis is a global Information Technology (IT) solutions provider, specialising in providing cloud and cognitive services and applying next-generation technology to help enterprises transform businesses globally. Mphasis Group is a global multicultural organisation, headquartered in Bengaluru, India, which specialises in providing a suite of application development and maintenance services infrastructure outsourcing services and business & knowledge process outsourcing solutions to clients around the world.
Financially, Mphasis' consolidated net profit slipped 3 per cent to Rs 393.2 crore in the March quarter, as compared to Rs 405.3 crore in the same period last year. Its revenue, however, increased to Rs 3,142 crore from Rs 3,361.2 crore a year ago.
On the bourses, the stock hit a record high of Rs 3,659.75 on October 19, 2021, and an all-time low of Rs 1.75 on February 23, 1994.