US investment fund Blackstone Inc said Thursday it would buy a 52 percent stake in India’s R Systems International from the founders of the IT services company for $359 million.
Blackstone said it would pay Rs 245 per R Systems share, a premium of about 4 percent over its closing price on Wednesday. But shares of R Systems soared about 17 percent to Rs 275.25 during morning trading on Thursday.
“R Systems is well positioned to take advantage of the tailwind of digitization, shorter product launch cycles and greater openness to outsourcing product development,” Blackstone Senior Managing Director Mukesh Mehta said in a statement.
Blackstone said it would launch a conditional delisting offer for Rs 246 per share and sought approval from the Indian market regulator.
Satinder Singh Rekhi, one of the R Systems promoters selling their stake, will become a non-executive advisor to Blackstone.
Shares of R Systems had lost a quarter of their value this year through Wednesday, after rising about 168 percent last year.
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