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The open offer to the shareholders of Polaris Consulting Services by US-based Virtusa Corp has received a strong response.
The ₹590-crore open offer, which closed on Monday, was mandatory after Virtusa Consulting Services, Virtusa Corporation and Virtusa International BV entered into an agreement to purchase 53 per cent of the equity share capital of Polaris Consulting.
According to BSE, as against an offer for 2.67 crore shares, bids were received for 2.78 crore shares. This will raise the stake of Virtsua to 77.7 per cent in Polaris Consulting Services.
As the acquirer has no intention to delist the company post open offer, they may have to shed 2.7 per cent stake in the company to meet SEBI norm.
The major shareholders include, Rakesh Jhunjhunwala (4.99 per cent stake) and Edelweiss Securities (1.59 per cent), among others.
The floor price for the open offer has been fixed at ₹220.73 a share, while the share price of Polaris Software tumbled 3.41 per cent at ₹192.35 on the BSE.
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