Share of Mphasis rose over 6% today after private equity firm Blackstone committed up to $2.8 billion to acquire a controlling stake in the company. Mphasis share touched an intraday high of Rs 1,805, 6.32% higher on BSE.
The stock has risen 5.02% in the last 2 days. Mphasis is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 156% in one year and risen 12% since the beginning of this year.
Market cap of the firm rose to Rs 33,288 crore.
Later, the stock ended 1.62% higher at Rs 1,725 on BSE.
Blackstone said funds managed by it have entered into definitive agreements to acquire a majority stake in Mphasis, and the transaction will trigger an open offer for the acquisition of up to 26 percent stake.
News Source: businesstoday