MphasiS shares surge over 6% on Digital Risk deal

Dec 03 2012, 11:33 IST
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Shares of IT firm MphasiS soared by over 6% after the company announced acquisition of US-based Digital Risk for $175 million. (Reuters) Shares of IT firm MphasiS soared by over 6% after the company announced acquisition of US-based Digital Risk for $175 million. (Reuters)
SummaryShares of IT firm MphasiS soared by over 6% after the company announced acquisition of US-based Digital Risk for $175 million.

Shares of IT firm MphasiS today soared by over 6 per cent after the company announced acquisition of US-based Digital Risk for USD 175 million (about Rs 960 crore).

Following the development, shares of the company opened on a robust note and further jumped 6.33 per cent to Rs 413 on the BSE.

Similar upsurge was seen on NSE, where the stock rose by 6.11 per cent to Rs 411.90.

The Florida-based Digital Risk is one of the largest independent providers of solutions related to risk, compliance and transaction management to the US mortgage market.

The acquisition is an all-cash deal valued at USD 175 million with an additional earn-out component, Mphasis said in a statement.

This acquisition significantly enhances MphasiS' onshore presence in the US, it added.

Rally in the stock was in contrast with an overall sluggish stock market, where the benchmark Sensex was trading at 19,299.45, down 43.81 points at 1045 hrs.

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