 "Polaris Consulting to delist from stock exchanges")
Polaris Consulting & Services Limited has decided to delist from the stock exchanges to provide the company operational flexibility, said its new promoter Virtusa Consulting Services.
In March 2016, Virtusa Corporation acquired a majority interest in Polaris Consulting Services Ltd, which was earlier promoted by Arun Jain.
The company said if the delisting proposal is successful it would provide an exit opportunity to public shareholders.
In a note to the stock exchange, the company said the objective of making the delisting offer is to enable the promoter group to obtain full ownership of the company.
Not being publicly listed has its own benefits such as cost savings and reduction in dedicating management time to comply with the requirements associated with continued listings, the company said.
Virtusa Consulting Services Pvt Ltd currently holds 74.40 per cent in the company.
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