Bengaluru-based Mphasis is majority owned by Hewlett-Packard
Mphasis shares saw strong gains on Thursday after a newspaper reported that the Blackstone Group is close to acquiring the IT firm in an over $1-billion deal.
Bengaluru-based IT services company Mphasis was founded in 1998 by former Citibank executive Jerry Rao. It is majority owned by Hewlett-Packard.
According to the Times of India, Blackstone outbid Apollo Global Management, Tech Mahindra and other companies that were interested in buying HP's stake in Mphasis. US-based Blackstone Group is one the world's largest private equity investor.
An announcement is expected next week, the newspaper said citing sources.
Mphasis had last week said, "Neither the company not its chief executive officer is involved in any such negotiations".
Mphasis shares closed higher for a fourth straight day today. The stock ended 5 per cent higher at Rs 492, outperforming the broader Sensex, which closed flat.