Mphasis to buy back 1.73 crore shares

By PTI Published on Mar 14, 2017 01:18 PM IST

New Delhi: IT services provider Mphasis said that its shareholders have approved the proposal to buyback 1.73 crore equity shares worth about Rs 1,103 crore on Monday.

The proposal to buy back 1,73,70,078 equity shares at a price not exceeding Rs 635 per share has been approved by shareholders, the company stated in the voting results on the proposal, in a BSE filing yesterday.

According to the statement, the special resolution to buy back 1.73 crore shares representing 8.26 per cent fully paid up capactial was approved by the requisite majority.

Promoters and promoter group hold 60.42 per cent share in the company, while public shareholding is at 39.58 per cent as

in December, 2016.

Earlier, private equity firm Blackstone had bought a majority stake in Mphasis from Hewlett Packard Enterprise (HPE) for about USD 1.1 billion.