R Systems International closes buyback proposal

The board of R Systems International on Thursday approved a proposal for closure of the buyback on April 23.The board also approved the acquisition of a Singapore based ERP company having operations mainly in South East Asia through a subsidiary, R Systems (Singapore) Pte Ltd, for $7.5 million, including the earn-outs over the next three years. The approval is subject to execution of definitive agreements and receipt of necessary corporate and regulatory approvals. Shares of R Systems slumped about 6 per cent to ₹81.95 on the NSE.