Blackstone offers to buy additional stake in Mphasis for ₹8,262 crore

Private equity firm Blackstone Group has made an offer to acquire an additional 26% stake in Indian IT outsourcing services provider Mphasis Ltd for ₹8,262 crore ($1.10 billion), according to a stock exchange filing.

Blackstone bought a 60.5% stake in Mumbai-listed Mphasis from Hewlett Packard Enterprise Co. in 2016 at ₹430 per share, betting on a double-digit growth in India’s information technology industry.

Three Blackstone entities have now offered to buy an additional 49.3 million shares in Mphasis at ₹1,677.16 per share, according to the offer document filed to the stock exchanges by JM Financial Ltd, the manager of the offer.