Blackstone offers to buy additional stake in Mphasis for $1.1bn

Blackstone bought a 60.5% stake in Mumbai-listed Mphasis from Hewlett Packard Enterprise Co. in 2016 at about $5.74 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 about $22.4 per share, according to the offer document filed to the stock exchanges by JM Financial Ltd, the manager of the offer.

Shares of Mphasis rose as much as 5.5% to $23.7 in early noon trade. While the stock has receded from its 52-week peak of about $22.51, it’s still trading at more than four times above Blackstone’s offer price five years ago.

Mphasis offers IT outsourcing services to companies globally, including cloud computing services and digital processes for businesses. Its partners and clients include computer software company Adobe and Amazon Web Services, according to its website.