Blackstone’s delisting offer for India’s R Systems fails
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
