Virtusa's Rs 590 cr open offer gets oversubscribed

Technology outsourcing firm Virtusa's Rs 590 crore open offer to the shareholders of Polaris Consulting & Services got oversubscribed on the last day of the offer today.
Virtusa, which has snapped up a majority stake in Polaris, has made an open offer to buy additional 26 per cent shareholding in the company.
The open offer price was fixed at Rs 220.73 per share.
As many as 2.78 crore shares were tendered as against the book size of 2.67 crore shares that were to be purchased through the open offer.
As per data available on BSE, the offer has been subscribed 103.94 per cent till 1530 hours.

The offer, which began on March 11, closed today.
Virtusa Consulting Services Pvt Ltd has purchased 51.7 per cent stake in Polaris for about Rs 1,136.4 crore from Arun Jain, founder and chairman of Polaris, Orbitech Pvt Ltd, and certain other minority stockholders.
Upon closing of the mandatory offer period on March 28, Virtusa would own a 74.99 per cent majority interest in Polaris (post full tender, and settlement of the tendered shares by April 12, 2016), Virtusa had said earlier this month.