Blackstone pledges Mphasis stake to raise $700 million
Blackstone pledged its 30.55% stake in Mphasis Ltd to raise $700 million for loan refinancing, marking a first in the IT services sector. The funds are managed by a consortium of nine banks, potentially influencing Mphasis's stock performance.
after close1 source ↓written by the desknot a recommendation
- in Mphasis Ltd
- 30.55% stake
- for refinancing
- $700 million
Blackstone has pledged its 30.55% stake in Mphasis Ltd to raise $700 million for refinancing a loan related to its acquisition of the IT services firm. This marks a significant move as it is the first instance of an IT services company owner using shares as collateral for loans.
The funds will be managed by a group of nine banks, including Citibank and JPMorgan, through Catalyst Trusteeship Ltd. This refinancing could impact Mphasis's stock performance and investor sentiment in the IT sector.
Not investment advice. For informational purposes only.