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Prabhudas Lilladher Report
Mphasis Ltd. on April 26, 2021 announced that Blackstone entered into a definitive agreement to transfer 55% shareholding in Mphasis from its existing PE fund (Marble II PTE) to a different Blackstone PE fund (BCP Topco IX Pte).
Blackstone also brought along marquee long term co-investors – Abu Dhabi Investment Authority and University of California Investments.
The same agreement will trigger a mandatory open offer; which Blackstone intends to subscribe at Rs 1,677 per share (down 1% discount to April 23 close).
Given Blackstone’s decision to remain invested and that the new investment has horizon of seven to 10 years, removes a major overhang of promoter’s exit threat which will be comforting to minority shareholders.
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