Blackstone to buy majority stake in R Systems International for $359 million

Photo: File blackstone

America Private equity firm Blackstone will buy a majority stake in digital services company R Systems International for $359 million (Rs 2,904 crore). The company gave this information on Thursday. Blackstone said in a statement that the company has signed agreements with other promoters of R Systems, including Satinder Singh Rekhi, to this effect. Rekhi founded R Systems in the year 1993. It is a leading company in the field of providing digital information technology (IT) services. In addition, the Noida-based company specializes in product engineering and serves over 250 clients globally in the technology, media, telecom and financial services sectors.

Company’s business in many countries outside India

R Systems employs more than 4,400 people in 18 distribution centers in North America, Europe, Asia Pacific and India. In the last 12 months till September 2022, the company’s income has increased by 36 percent on an annual basis to Rs 1,445 crore. Rekhi and other promoters hold 52 per cent stake in R Systems, which Blackstone will buy at Rs 245 per share. Rekhi will continue to guide the company in a non-executive advisory role.

Earlier, stake was sold in Embassy REIT

Last month, Blackstone raised about $325 million (Rs 2,650 crore) by selling its stake in Embassy Office Parks REIT. Embassy Office Parks REIT is the country’s first real estate investment trust (REIT). It was floated last year by realty company Embassy Group and global investment firm Blackstone to raise around Rs 5,000 crore. REIT is also listed in the stock market. According to sources, Blackstone raised $325 million (Rs 2,650 crore) by selling 77 million shares in REIT at Rs 345 per share through a mega deal. Following the deal, Blackstone’s stake came down from 32 percent to 24 percent.

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