The stocks of R Systems International surged 15.68% to Rs 271.15 as the global investment firm Blackstone declared the acquisition of a majority stake in the company for $359 million (Rs 2,904 crore).
The American private equity firm, Blackstone has entered into an agreement with Satinder Singh Rekhi with other directors to buy a majority stake in R Systems International. R Systems International is one of the leading organizations providing digital information technology services specializing in product engineering, having its strong customer base of over 250 spread across different sectors of financial services, telecom, media, and technology, worldwide.
The current management with Satinder Singh Rekhi holds a 52% stake in the organization, which will be acquired by Blackstone at a price of Rs.245 per share. A conditional delisting offer at a price of Rs.246 for each share, will soon be launched by Blackstone.
Post-acquisition process, Satinder Singh will continue to handle the organization but now as a non-executive director. The acquisition process may get completed in the next few months, subject to regulatory approvals and customary closing conditions.