Barings to not sell MphasiS stake

After evaluating the merits of the proposals put forth by various counterparties against the prospects for the company, Barings India today formally decided not to entertain any of the offers and informed the company about its decision.

Barings was seeking close to Rs 700 crore for its 35 per cent stake in the Bangalore-based upcoming software company.

However, the bidders were not ready to pay more than Rs 250 to Rs 260 a share. MphasiS closed at Rs 251 on BSE on Wednesday. The company is led by former Citibanker Jerry Rao.

8216;8216;Given our strong customer franchise and robust growth prospects, we would not like to entertain any of the offers,8217;8217; Barings said in a communication to the company. 8216;8216;It is business as usual and the focus has to be to improve customer satisfaction, profitability and growth,8217;8217; the communication concluded.