Exploring options for Mphasis stocks: Barings

MUMBAI: Barings Private Equity said on Friday it had appointed a merchant banker to advise it on offers for its 35.63 percent stake in Indian software services firm MphasiS BFL Ltd.

"Given the current valuation of the company, there has been a lot of unsolicited interest in the company at significant premiums," Rahul Bhasin, a partner at Barings Private Equity, was quoted as saying in an MphasiS notice to the Bombay Stock Exchange.

"With a view to exploring the potential opportunity to maximize shareholder value, we have retained an investment bank to advise us," he said.

Barings has held its stake in Bangalore-based MphasiS for eight years.

In the same statement, MphasiS Chairman Jerry Rao said the company would support all ways to enhance shareholder value, including an overseas listing at "the appropriate time".

MphasiS shares were up 3.5 percent at 238.50 rupees at the BSE in late afternoon trade.