Blackstone To Buy Majority Stake In Tech Firm R Systems For $359 Million

Blackstone said it would buy a 52 per cent stake in India's R Systems International from the IT services company's promoters for $359 million.

US investment fund Blackstone Inc said on Thursday it would buy a 52 per cent stake in India's R Systems International from the IT services company's promoters for $359 million.

Blackstone said it would pay Rs 245 per R Systems share, a premium of around 4 per cent to the closing price on Wednesday. But, R Systems' shares shot up about 17 per cent to Rs 275.25 in morning trading on Thursday.

"R Systems is well-positioned to benefit from digitalization tailwinds, shorter product launch cycles and increased openness to outsource product development," Blackstone Senior Managing Director Mukesh Mehta said in a statement.

Blackstone said it would launch a conditional de-listing offer at Rs 246 per share and that it was seeking regulatory approval from the Indian market regulator.