A block deal involving 2.95 crore shares, representing a 15.6 percent stake in Mphasis took place on the exchanges on June 10. The transaction, executed at an average price of Rs 2,392 apiece, was worth Rs 7,066 crore.
Shares of Mphasis also reacted negatively to the block deal and at 09.19 am, were trading over 2 percent lower at Rs 2,421.45 on the NSE.
Volumes in the counter also surged as three crore shares changed hands on the exchanges so far, a meteoric spike from the one-month daily traded average of five lakh shares.
While Moneycontrol could not immediately identify the parties involved in the transaction, CNBC TV-18 had reported that private equity firm Blackstone was poised to pare a 10.6 percent stake in the IT company.
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According to CNBC-TV18's report, the base transaction, valued at Rs 4,700 crore, also came with an upsize option expand the stake sale to 15.1 percent, eyeing to raise a total of Rs 6,697 crore.
Meanwhile, the stake sale is also slated to trigger a 180-day lock-in period before Blackstone can execute any similar transactions.
As per Mphasis' latest shareholding data, Blackstone, through its affiliate BCP Topco, owned a 55.45 percent stake in the IT company, making it the largest shareholder of the company. Post the block deal, even though Blackstone's stake will come down to 39.85 percent, it will still retain its top shareholding spot in the company.
In the March quarter of FY24, Mphasis recorded a marginal decline of around 3 percent in its consolidated net profit to Rs 393.2 crore, as compared to Rs 405.3 crore in the same period last year. Despite this, the company managed to lift its revenue to Rs 3,142 crore, up from Rs 3,361.2 crore a year ago. In the same quarter, the company also secured new contracts worth $177 million (approximately Rs 1,475 crore).
Also Read | Mphasis block deal | Blackstone to sell 15% stake worth Rs 6,697 crore
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