Blackstone bought control of Mphasis at Rs 430 a share, then rolled it at Rs 1,452

Mphasis, a Bangalore IT services firm, spent years as Hewlett Packard's captive India arm, with six top global banks and leading mortgage and insurance clients but a strategy tied to its parent's fortunes. When Hewlett Packard Enterprise decided to exit, Blackstone saw a control opportunity — rare in India, where most PE deals are minority growth checks.

In April 2016 Blackstone agreed to buy up to 60.48% of Mphasis from HPE for Rs 5,466 crore ($827 million) at Rs 430 a share, with a mandatory open offer that could take the deal to Rs 7,071 crore ($1.1 billion). A master service agreement locked in $990 million of HPE revenue over five years, giving the new owner runway to rebuild the client mix.

Under Blackstone, Mphasis leaned into direct international clients, cloud and digital work. By April 2021 the transformation showed in the price: new Blackstone-managed funds, with Abu Dhabi Investment Authority and UC Investments, committed $2.8 billion for control at Rs 1,452–1,497 per share — more than three times the 2016 entry price.

Bought up to 60.48% for $827M at Rs 430/share in 2016; in 2021 new Blackstone funds with ADIA and UC Investments committed $2.8B for control at Rs 1,452–1,497/share

HPE's exit created a rare chance to buy control of a listed Indian IT firm outright.

The $990M, five-year HPE master service agreement de-risked the transition from captive to independent.

Blackstone opened its global portfolio companies to Mphasis as new customers.

A shift to direct clients and cloud/digital services re-rated the stock far above the 2016 offer price.

The 2021 rollover at Rs 1,452–1,497 per share crystallized more than 3x per-share value creation.

Control of a listed mid-cap lets a PE owner fix strategy with management, not around it — a captive vendor freed from its parent's shadow can reprice sharply.

The 2021 transaction rolled Mphasis into new Blackstone private equity funds alongside ADIA and UC Investments at a commitment of $2.8 billion. Blackstone's India PE co-head Amit Dixit said the investment would 'continue creating value for the long term,' citing the order backlog and banking-domain expertise that the firm built after its 2016 independence from HP.