R Systems' shares closed at 250.70 rupees on Monday, a 4.3% discount to its sweetened delisting offer price. Shares of the firm, which has a market capitalisation of 29.51 billion rupees, have risen 6.7% since the Blackstone deal was first announced in November. (Reporting by Nandan Mandayam in Bengaluru; Editing by Shailesh Kuber)
BENGALURU, May 8 (Reuters) - Blackstone Inc's delisting offer for India's R Systems International Ltd was unsuccessful as the U.S. investment fund failed to
draw enough interest from public shareholders, the manager to
the offer said on Monday.
Blackstone, which in November said it would buy a near 52%
stake in the IT services firm for $359 million, needed to raise
its stake to 90% for the delisting proposal to work.
However, the offer secured only share tenders from 11.45% of
public shareholders, compared to the minimum 38.33% required to
raise Blackstone's stake to 90%, offer manager Kotak Mahindra
Capital said in a disclosure.
The proposal had opened on April 21 and closed earlier on
Monday.
Blackstone had in March raised its offer price for public
shareholders to 262 rupees per share, compared to the 246 rupees
it offered when the delisting proposal was first approved.
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