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Barings decides against selling its stake in MphasiS BFL

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CIOL Bureau
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MUMBAI: MphasiS BFL Ltd. said that Barings had decided not to sell its 35.6 percent stake in the Indian software services provider, according to Reuters.

"Given our strong customer franchise and robust growth prospects, we would not like to entertain any of the offers," MphasiS quoted Barings as saying in a communication to it.

Barings had said in May that it had appointed a merchant banker to advise it on offers for its stake in MphasiS. Barings had said both domestic and foreign companies were interested, said Reuters.

According to the information available with CIOL, Barings did not get the expected valuation for its stake. According to the sources, both Temasek and Hinduja TMT were in the race to pick up the stake. “However, both these companies offered around Rs 240 per share, while Barings expected Rs 300 per share,” said sources.

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