Viatusa acquires 1.48 crore shares in Polaris via open offer

MUMBAI: Technology outsourcing company Virtusa has acquired nearly half of 26% stake in Polaris Polaris Consulting & Services via open offer. A BSE filing showed that Virtusa had acquired 55.43% or 1.48 crore of the total shares that it is mandated to acquire via open offer.

Virtusa had made an open of Rs 590 crore to acquire additional 26% in Polaris. The open offer at a price of Rs 220.73 apiece. The offer started on March 11 and closes on March 28.

Virtusa had bought 51.7% stake in Polaris for about Rs 1,136.4 crore from Arun Jain, founder and chairman of Polaris, Orbitech Private Limited and certain other minority stockholders. Upon closing of the mandatory offer period on March 28, 2016, Virtusa is likely to own a 74.99% stake in Polaris if it managed to acquire the entire 26% stake via open offer.