Blackstone’s India buy

US INVESTMENT fund Blackstone Inc said last Thursday (17) it would buy a 52 per cent stake in India’s R Systems International from the IT services company’s promoters for $359 million (£302m).

Blackstone said it would pay `245 (£2.5) per R Systems share, a premium of around four per cent to the closing price last Wednesday (16). But, R Systems’ shares shot up about 17 per cent to `275.25 in morning trading on Thursday.

Satinder Singh Rekhi, one of R Systems’ promoters selling their stake, will be a non-executive advisor to Blackstone.