The Competition Commission of India (CCI) has approved a combination involving 100 per cent acquisition of R Systems International, a listed ITeS and IT company, by BCP Asia II Topco II Pte. Ltd, which is controlled by funds advised and/ or managed by affiliates of Blackstone Inc.
Under the approved deal, BCP Asia II Topco II will acquire about 52 per cent stake of the promoters, including the founder Satinder Singh Rekhi’s stake at a reported price of ₹245 per share for a consideration of ₹ 1,496.95 crore. Rekhi will continue to guide the company in his role as as a non-executive director, Blackstone had announced in November last year.
Besides the acquisition of promoters’ stake of 52 per cent, the acquirer will also launch an open offer combined with delisting offer to acquire the remaining 48 per cent stake from public shareholders, the CCI has said.
“CCI approves combination involving acquisition of up to 100 per cent shareholding in R Systems International Ltd by BCP Asia II Topco II Pte. Ltd”, said a CCI tweet.
Other approvals
CCI also said on Monday that it has approved the consolidation of HPM Business of LANXESS AG and DEM Business of Koninkiljke DSM N.V. under Zehnte LXS GmbH, a JV HoldCo of Platin 2170 GmbH & LANXESS.
In another deal, CCI has approved acquisition of commercial real estate assets by Nexus Select Trust.
This proposed transaction involves: (a) direct acquisition of 100 per cent shareholding of Daksha Infrastructure Pvt Ltd, Select Infrastructure Pvt Ltd, Chitrali Properties Pvt Ltd, Naman Mall Management Company Pvt Ltd, CSJ Infrastructure Pvt Ltd, Euthoria Developers Pvt Ltd, Safari Retreats Pvt Ltd, Vijaya Productions Pvt Ltd, Nexus Udaipur Retail Pvt Ltd, Nexus Hyderabad Retail Pvt Ltd, Nexus Mangalore Retail Pvt Ltd, Nexus Mysore Retail Pvt Ltd, Nexus Shantiniketan Retail Pvt Ltd, Nexusmalls Whitefield Pvt Ltd and Nexus South Mall Management Pvt Ltd; (b) indirect acquisition by the Acquirer REIT (acting through its Manager) of 100 per cent shareholding of Westerly Retail Pvt Ltd (WRPL) (through Select Infrastructure Pvt Ltd) and Mamadapur Solar Pvt Ltd (MSPL) (through Nexus South Mall Management Pvt Ltd); and (c) direct acquisition by the Acquirer REIT (acting through its Manager) of 50 per cent of the equity shares of ITIPL from its existing shareholders.
