Blackstone offers to buy additional stake in India’s Mphasis for $1.1 billion

Private equity firm Blackstone Group Inc on Monday offered 82.62 billion rupees to buy an additional 26% stake in Indian IT outsourcing services provider Mphasis Ltd.

Blackstone, the world’s largest manager of alternative assets such as private equity and real estate, bought around 61% stake in Mphasis from Hewlett Packard Enterprise Co in 2016 in a deal worth up to $1.1 billion, betting on a double-digit growth in India’s information technology industry.

It currently holds 104.8 million shares, or about a 56% stake, according to Refinitiv Eikon data. Based on Mphasis’ last closing price, the stake is now worth 177.79 billion rupees.