March 30, 2016 5:31 pm | Updated 3 years ago.
Polaris was acquired by Virtusa Corporation in the first week of March 2016. This acquisition bolsters the growth of a leading IT service and solution provider to BFS by utilizing Virtusa’s expertise in consumer and retail banking along with Polaris’s stronghold in corporate and investment banking. Virtusa recently made an offer to purchase 26 percent additional shares in Polaris. An offer price of Rs 220.73 per share was made. The offer made to the shareholders of Polaris Consulting & Services got oversubscribed on the last day.
Data available from the BSE shows that shares worth 2.78 crores were enlisted as against shares worth Rs 2.67 crores that were procured through the open offer. The last date for subscribing for the shares was on Monday, March 28, 2016. Virtusa Consulting Services Pvt Ltd has obtained 51.7% of the shares in Polaris for an amount of Rs 1,136.4 crore. By the end of this month, Virtusa will become the major shareholder in Polaris with 74.99% of the shares.
Date of Publication: March 29, 2016