Polaris Consulting dips ahead of closure of open offer by Virtusa Corporation
The stock dipped 6% to Rs 200, its lowest level since November 27, 2015 on the BSE, in intra-day trade.
 "Polaris Consulting dips ahead of closure of open offer by Virtusa Corporation")
Polaris Consulting & Services has dipped 6% to Rs 200, its lowest level since November 27, 2015 on the BSE, ahead of closure of open offer made by US-based technology outsourcing company Virtusa Corporation on Monday, March 28.
Virtusa Consulting Services Private Limited along with Virtusa Corporation has made an open offer to acquire 26.72 million equity shares constituting 26% stake in Polaris Consulting & Services at Rs 220.73 a share. The offer opened on March 11 and will close on March 28.
According to BSE website, shareholders have tendered a total of 18.07 million shares, representing 67.63% of the proposed open offer for 26.7 million shares. CLICK HERE TO READ FULL DETAILS
At 02:52 PM, the stock was down 5% at Rs 202 on the BSE as compared to 0.19% decline in the S&P BSE Sensex. A combined 120,856 shares changed hands on the counter on the BSE and NSE.
Virtusa Consulting Services Private Limited along with Virtusa Corporation has made an open offer to acquire 26.72 million equity shares constituting 26% stake in Polaris Consulting & Services at Rs 220.73 a share. The offer opened on March 11 and will close on March 28.
According to BSE website, shareholders have tendered a total of 18.07 million shares, representing 67.63% of the proposed open offer for 26.7 million shares. CLICK HERE TO READ FULL DETAILS
At 02:52 PM, the stock was down 5% at Rs 202 on the BSE as compared to 0.19% decline in the S&P BSE Sensex. A combined 120,856 shares changed hands on the counter on the BSE and NSE.