The selling of big block was to create more liquidity in the stocks and the company still retains its controlling position, said, Nitin Rakesh, ED and CEO, Mphasis.

Mphasis saw a big block deal on Monday morning as promoter Blackstone sold 8% stake at Rs 960 per share.

“They have very clearly said that they don’t intend to sell any more because their global position always has to have controlling position, so I do not think it is going to play out,” Rakesh told CNBC-TV 18.

Watch: Blackstone sold stake to create more liquidity, says Mphasis

Edited Excerpts:

It seems that the promoters have sold 8% of their equity. What is the rationale? Is it just monetising an investment? What is the thought process behind this?

The idea was to create more liquidity in the stock and the company still retains controlling position. From that perspective nothing much changes from mine and the management's point of view. We still have a strong partnership.

If that is the theory then there can be more sale. Will there be. That would be the biggest worry?

I think they have clearly said that they don’t intend to sell anymore because their global positioning always has to have controlling positions, so I don’t think that theory is going to play out.

Can you confirm the number. They were holding 60.38% as of March 31. So with this 8%, is it 52% now that they hold?

You can do the math. Its 8% stake sale, so they are now about 52% odd.

Can you confirm the identity of the buyers as well?

A: I cannot.

We have names like Aberdeen, T Rowe Price and Oppenheimer.

I will have to wait for the disclosures to come.

You can confirm that they are not looking to sell any further?

I am going as per the statement that has been released by them and that continues to be our position as well.

First Published:May 14, 2018 4:30 PM IST