The offer for the additional stake is part of a deal, which will see a consortium of five funds, including Blackstone, Abu Dhabi Investment Authority and Singapore's GIC, take a 75% stake in Mphasis worth between $2.0 billion to $2.8 billion, according to a person with knowledge of the transaction.

Blackstone, the world's largest manager of alternative assets such as private equity and real estate, bought around 61% stake in Mphasis from Hewlett Packard Enterprise Co in 2016 in a deal worth up to $1.1 billion, betting on a double-digit growth in India's information technology industry.

It currently holds a 56% stake, according to Refinitiv Eikon data. Based on Mphasis' last closing price, the stake is now worth 177.79 billion rupees.

Mphasis shares have surged nearly four times in value since April 2016, when Blackstone bought the initial stake.

Blackstone is seeking to raise about $5 billion for its second private equity fund focused on Asia.

Three Blackstone entities have now offered to buy an additional 49.3 million shares in Mphasis at 1,677.16 rupees per share, according to an offer document https://bit.ly/2Pn95Xn.

"Mphasis is backed by strong ... tailwinds as global enterprises increasingly migrate to the cloud," Amit Dixit, India head for Blackstone Private Equity, said https://bit.ly/3dOlvRs.

"This investment enables us to ... provide additional resources to further accelerate growth momentum (for Mphasis)."

Mphasis, whose shares rose as much as 6.4%, offers IT outsourcing services to companies globally. Its partners and clients include computer software company Adobe and Amazon Web Services, according to its website.

($1 = 74.7450 rupees)

(Reporting by Anuron Kumar Mitra and Chris Thomas in Bengaluru; Editing by Shounak Dasgupta)

By Anuron Kumar Mitra