Blackstone to buy majority stake in Indian IT firm R Systems for $359 million

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<p> -U.S. funding fund Blackstone Inc mentioned on Thursday it could purchase a 52% stake in India’s R Methods Worldwide from the IT companies firm’s promoters for $359 million.</p>
<p>Blackstone mentioned it could pay 245 rupees per R Methods share, a premium of round 4% to the closing value on Wednesday. However, R Methods’ shares shot up about 17% to 275.25 rupees in morning buying and selling on Thursday.</p>
<p>“R Methods is well-positioned to learn from digitalization tailwinds, shorter product launch cycles and elevated openness to outsource product improvement,” Blackstone Senior Managing Director Mukesh Mehta mentioned in a press release.</p>
<p>Blackstone mentioned it could launch a conditional de-listing supply at 246 rupees per share and that it was searching for regulatory approval from the Indian market regulator.</p>
<p>Satinder Singh Rekhi, one in every of R Methods’ promoters promoting their stake, will probably be a non-executive advisor to Blackstone.</p>
<p>R Methods’ shares had shed 1 / 4 of their worth to this point this yr till Wednesday, after surging about 168% final yr.</p>
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