Virtusa’s open offer to purchase 26 percent Polaris stake

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Mumbai, March 22 (IANS) Virtusa Corp, US-based technology outsourcing company, has floated an open offer to purchase 26 percent stake in Polaris Consulting & Services at Rs.220.73 per share and amounting to a total outlay of Rs.590 crore, a release said on Tuesday.

The offer which started on March 11, closes on March 28.

The open offer price of Rs.220.73 for the shares of Polaris reflects a premium of about 31 percent over the price of 6 months ago and about 40 percent over the price one year ago, the statement said.

“The earning numbers of Polaris have been average to below average over the last few quarters. Overall the small-cap and mid-cap IT companies have been laggards over the last six to nine months.

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“The good performance of Polaris on the bourses is mainly on account of the ongoing open offer, After March 28, we expect the stock of Polaris to retreat,” said Dinkar Shanbhag, head- Institutional Equity, at Mumbai-based broking firm Lotus Global.

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