Shares of R Systems International have rallied 19% in the last two sessions after private equity firm Blackstone said it would buy 52 percent stake in digital information technology service provider for Rs 2,904 crore ($359 million). R Systems International stock surged from Rs 234.40 on November 16 to an intraday high of Rs 278.70 on November 18, translating into returns of 18.89% for investors of the global technology and analytics services company. The announcement was made on November 17.
Before the ongoing rally, the small cap stock had been trading in a narrow range of Rs 239.6 (August 18, 2022) to Rs 234.40 on November 16 for three months.
In the current trading session, shares of R Systems International gained 2.8% to an intraday high of Rs 278.7 against the previous close of Rs 271.10 on BSE.
In the previous trading session , the stock zoomed 18% intraday and closed 15.65% higher at Rs ┬аRs 271.10 on BSE. Shares of R Systems are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. However, the stock has lost 15.82% this year and gained 13.6% in a year.
Total 0.20 lakh shares of the firm changed hands amounting to a turnover of Rs 54.51 lakh on BSE today. Market cap of the firm rose to Rs 3218.45 crore.
Blackstone has bought the stake from founder Satinder Singh Rekhi and other current promoters.
Blackstone will also launch a conditional delisting offer at a price of Rs 246 per share. The
transaction is likely to be completed in the coming months, subject to customary closing conditions and regulatory approvals.
Satinder Singh Rekhi, chief executive officer of R Systems said , “I am excited that our partnership with Blackstone will take R Systems on the path to its next level of growth … the company’s management team will be excited to welcome Blackstone and benefit from their scale, expertise, and global track record in IT services.”
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