Virtusa Consulting to make an OFS of 1.86% of total equity share capital

Virtusa Consulting Services Pvt Ltd, the promoter of Polaris Consulting and Services Ltd, to make an Offer for Sale (OFS) of 1.86 per cent of the total paid up equity share capital.

The company in a regulatory filing said that it would offer 18,86,000 equity shares representing 1.86 per cent of the total shares, at a floor price of Rs 130 per equity share. The shares would be offered to non-retail investors exclusively on December 8 and for both retail and non-retail investors on December 9, said a filing with the Bombay Stock Exchange. JP Morgan India Pvt Ltd is the broker on behalf of the seller.

In the end of September, 2016, Virtusa has around 78.61 per cent shares in the company, according to data available with the exchanges.

On November 5, 2015, Virtusa announced that it has entrered into an agreement with Polaris' promoters, including Arun Jain, to acquire 53 per cent stake for Rs 1,173 crore, with a further intention to raise this to 75 per cent. Later, it has acquired the additional shares through an open offer.