India's R Systems jumps most in 7 months on Blackstone acquisition

R Systems International

17/11/2022 04:15

** Shares of information technology services firm R Systems
 RSYS.NS  up 20% at 282.1 rupees, marking their biggest intraday
pct gain in over seven months
    ** U.S.-based investment management company Blackstone Inc
 BX.N  said it will buy a 52% stake in R Systems for 29.04 bln
rupees ($356.08 mln)  urn:newsml:reuters.com:*:nFWN32C3QK
    ** Blackstone will acquire the stake, which is currently
held by Satinder Singh Rekhi and other promoters, at 245 rupees
per share
    ** The U.S. firm is looking for a regulatory approval from
Securities and Exchange Board of India for delisting R systems,
upon which it will decide on the course of action
    ** More than 570,000 shares traded, 18.1x their 30-day
moving avg of more than 32,000 shares
    ** Up to last close, R Systems stock down ~27.6% YTD
     ($1 = 81.5550 Indian rupees)
 (Reporting by Yagnoseni Das in Bengaluru)
 ((yagnoseni.das@thomsonreuters.com;Mobile: +91 6001289066))