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Blackstone pledges its 30.55% stake in Mphasis to raise $700-M

Mint   Mphasis  

Blackstone has pledged its entire 30.55% stake in Bengaluru-based Mphasis to raise an estimated $700-M. The capital will be used to refinance existing debt related to the private equity firm's initial acquisition of the company.The transaction involved a consortium of nine banks, including Citibank, Barclays, HSBC, Deutsche Bank, JPMorgan, Morgan Stanley, BNP Paribas, MUFG, and Nomura. Catalyst Trusteeship acts as the representative for these lenders.Founded in 2000, Mphasis is an IT services company that reported $1.8-B in revenue for the previous year.Blackstone plans to use the newly raised funds to replace a prior indirect pledge structure with a direct pledge of Mphasis shares.

Between Jun 2001 and Apr 2021, MphasiS had attracted about $373 M from Blackstone, Baring India, and ChrysCapital.For FY25, MphasiS had reported about INR 9,271 Cr in Operating Income and about INR 1,532 Cr in PAT.