“The delisting offer is deemed to be successful as it has met the minimum acceptance condition i.e. cumulative number of the equity shares held by acquirer upon completion of the acquisition would exceed 90% of the share capital target company,” a BSE filing said.
The discovered price of Rs 480 per equity share is 117.46% premium to Rs 220.73 apiece, the price at which the acquirer Virtusa has 78.65% of the voting share capital of the company in March 2016 from the erstwhile promoters and public shareholders and is 106.56% premium to the floor price of Rs 232.37 apiece. The delisting offer remained opened between January 30 and February 5.
In an otherwise weak market, the stock of Polaris rose by Rs 5.45 to Rs 469 apiece on the back of the support of the discovered price of Rs 480 apiece. Investors who didn’t or where not able to participate in the delisting offer or unsuccessfully tendered the equity shares will be given one year window to surrender the shares at a consideration of Rs 480 apiece.
Considering Rs 480 apiece as the discovered price, Virtusa would require about Rs 9.30 billion to settle 19.3 million shares tendered in the offer.
Investors whose bids have been accepted will get the payment consideration by February 14.