Blackstone, others commit $2.8 bn for Mphasis stake

Global private equity (PE) major Blackstone on Monday said it will transfer its entire majority shareholding in Mphasis Ltd from its existing fund to two new funds after dropping plans to sell its stake to a third party. The move will help Blackstone, which owns 56% of the IT services firm, hold on to the stake for a longer period, and seek exit opportunities later.

The PE firm said its 104.79 million shares in Mphasis, held by Blackstone Capital Partners VI fund (BCP VI), will be bought by Blackstone Capital Partners VIII and Blackstone Capital Partners Asia funds (BCP VIII and BCP Asia). This transaction will be done at a maximum value of ₹15,216 crore, Blackstone said in a notice to stock exchanges.