Public shareholder of R Systems International Ltd. sold 8.45% stake in the company for Rs 465.14 crore through open market transactions on Friday.
Bhavook Tripathi offloaded 99.99 lakh shares or 8.45% at Rs 465.15 apiece, according to the BSE block data. Bhavook Tripathi held 29.03% stake in the company as of June 2024.
Goldman Sachs through its affiliates bought 28.45 lakh shares or 2.4% while DSP Mutual Fund mopped up 19.19 lakh shares or 1.62%. Sundaram Mutual Fund acquired 11.78 lakh shares or 0.99% at Rs 465.15 apiece.
Sundaram Bnp Paribas Mutual Fund obtained 9.71 lakh shares or 0.82% and Carnelian Bharat Amritkaal Fund bought 8.59 lakh shares or 0.72% at Rs 465.15 apiece.
Jagdish Naresh Master, Siddharth Iyer GS India Equity and Emerging Business Funds are among the other buyers of the transaction.
In 2022, American private equity giant Blackstone pickrd up majority stake in digital services firm R Systems International for Rs 2,904 crore. Blackstone signed definitive agreements with Satinder Singh Rekhi and other promoters of R Systems.
Incorporated in 1993, The Noida-based R Systems was founded by Rekhi. He is a prominent provider of digital IT services, focusing on product engineering, and supports over 250 clients across the technology, media, telecom, and financial services sectors worldwide.
R Systems maintains 18 development and service centers to serve customers in North America, Europe, and APAC and operates over 25 offices worldwide.
Shares of R Systems International closed 7.03% higher at Rs 502. 95 apiece, compared to a 0.93% fall in the benchmark NSE Nifty.
The stock has fallen 1.58% in the last 12 months and 8.4% year-to-date. The relative strength index was 55.03.
Out of two analysts tracking the company, both maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 12.3%.
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