Saturday, July 20, 2024
HomeBusinessR Systems zooms 20% on Blackstone's open offer to acquire majority stake

R Systems zooms 20% on Blackstone’s open offer to acquire majority stake

[ad_1]

Shares of International zoomed 20 per cent to Rs 281.55 on the BSE in Thursday’s intra-day trade after private equity player Blackstone made an open offer to acquire majority stake in the IT-enabled services company at price of Rs 245 per share.


At 10:12 am, the stock traded 14 per cent higher at Rs 267.40, as compared to 0.06 per cent decline on the S&P BSE Sensex.


“BCP Asia II Topco II Pte. Ltd. (Acquirer) along with II L.P. (PAC) made an offer for acquisition of up to 57.17 million equity shares representing 48.33 per cent of the voting share capital of International from all the public shareholders of the company,” Kotak Mahindra Capital Company, the investment banking said in public announcement. CLICK HERE FOR DETAILS

Blackstone is buying the promoters’ 52 per cent stake for Rs 245 per share. The promoters will get around Rs 1,496.95 crore for their 52 per cent stake. Meanwhile, the stock price of International had hit a record high of Rs 355 on January 17, 2022.


The PE player will also launch a conditional delisting offer, at a price of Rs 246 per share. The transaction is expected to be completed in the coming months, subject to customary closing conditions and regulatory approvals. Rekhi will continue to guide the company in his role as a non-executive advisor, said Blackstone in a statement.


R Systems is engaged in the business of providing software engineering, information technology related services and knowledge services. The company services and solutions span over five major business verticals i.e. technology, telecom, healthcare & life science, finance & insurance and retail & e-commerce.

[ad_2]

Source link

RELATED ARTICLES

Most Popular

Recent Comments