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.
Satinder Singh Rekhi, one of R Systems' promoters selling their stake, will be a non-executive advisor to Blackstone.
R Systems' shares had shed a quarter of their value so far this year until Wednesday, after surging about 168 per cent last year.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
