Blackstone will pay Rs 2,904 crore for a 52% interest in the IT company R Systems
According to a release, Blackstone would also make a conditional delisting offer at a price of Rs 246 per share.
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Blackstone, a private equity firm, announced on November 17 that it would buy a 52 percent stake in R Systems International, a provider of digital information technology services, for Rs 2,904 crore ($359 million).
After Blackstone made an open offer for a 48.33% stake at Rs 245 per share, R Systems' shares rose by almost 18%.
According to a release, Blackstone would also make a conditional delisting offer at a price of Rs 246 per share. In the upcoming months, the acquisition is anticipated to close, pending customary closing requirements and regulatory clearances.
Satinder Singh Rekhi, chief executive officer of R Systems, said: "I am excited that our partnership with Blackstone will take R Systems on the path to its next level of growth. The company's management team will be excited to welcome Blackstone and benefit from their scale, expertise, and global track record in IT services.
Rekhi explained the justification for the decision, stating that the company required a partner who could "take care of the company" and that is why they chose to collaborate with Blackstone.
"I will definitely serve as a strategic advisor to them (R Systems), and the job will expand a little bit as we move along," Rekhi continued.
