 "Polaris gains on stake sale plans")
Shares of Polaris Consulting & Services has gained over 2.5% to Rs 210 on the BSE after US-based global information technology services company Virtusa Corporation decided to purchase 53% stake in Polaris for nearly Rs 1,173 crore. CLICK HERE FOR FULL STORY
The board of directors of Polaris approved the execution of the purchase agreement with Virtusa Corporation whereby a subsidiary of Virtusa will acquire nearly 53% of the paid up share capital of Polaris from certain promoter entities led by Arun Jain and certain other shareholders including Orbitech Private.
In accordance with the agreement, Virtusa will buy the shares at a price of Rs 220.73 per share aggregating to approximately Rs 1,173 crores.
The transaction is likely to assist Virtusa in expanding its presence in the banking and financial services space.
The stock opened at Rs 207.05 and touched a high of Rs 210.80 on the BSE. A total of 229,357 shares have changed hands on the BSE so far.
