US-based IT services provider Virtusa Consulting Services has launched an open offer to acquire 26 per cent of the public shareholding in Polaris Consulting at Rs 220.73/share.
The open offer comes after the US company entered into an agreement to acquire 53 per cent stake in Chennai-based Polaris for about Rs 1,173 crore at Rs 220.73/share.
According to the agreement some of the promoters - Arun Jain and other shareholders, including Obitech - will sell their stake in Polaris Consulting.
Last year, IT services firm Polaris Financial Technology (Polaris FT) had carved out its products business into Intellect Design Arena. Polaris FT later rebranded itself as Polaris Consulting and Services.
Upon closing of the transaction in the quarter ended March 2016, Citigroup Technology Inc will designate Virtusa and Polaris as a preferred vendor for providing IT services on an enterprise-wide basis.
In addition, the companies have agreed to certain productivity savings and associated reduced spend commitments for a period of two years, which, if not achieved, would require Virtusa/Polaris to provide certain minimum discounts to Citi.
Polaris Consulting shares closed 0.22 per cent higher at Rs 204.10 apiece compared to a flat Nifty.
US-based IT services provider Virtusa Consulting Services has launched an open offer to acquire 26 per cent of the public shareholding in Polaris Consulting at Rs 220.73/share.
The open offer comes after the US company entered into an agreement to acquire 53 per cent stake in Chennai-based Polaris for about Rs 1,173 crore at Rs 220.73/share.
According to the agreement some of the promoters - Arun Jain and other shareholders, including Obitech - will sell their stake in Polaris Consulting.
Last year, IT services firm Polaris Financial Technology (Polaris FT) had carved out its products business into Intellect Design Arena. Polaris FT later rebranded itself as Polaris Consulting and Services.
Upon closing of the transaction in the quarter ended March 2016, Citigroup Technology Inc will designate Virtusa and Polaris as a preferred vendor for providing IT services on an enterprise-wide basis.
In addition, the companies have agreed to certain productivity savings and associated reduced spend commitments for a period of two years, which, if not achieved, would require Virtusa/Polaris to provide certain minimum discounts to Citi.
Polaris Consulting shares closed 0.22 per cent higher at Rs 204.10 apiece compared to a flat Nifty.
US-based IT services provider Virtusa Consulting Services has launched an open offer to acquire 26 per cent of the public shareholding in Polaris Consulting at Rs 220.73/share.
The open offer comes after the US company entered into an agreement to acquire 53 per cent stake in Chennai-based Polaris for about Rs 1,173 crore at Rs 220.73/share.
According to the agreement some of the promoters - Arun Jain and other shareholders, including Obitech - will sell their stake in Polaris Consulting.
Last year, IT services firm Polaris Financial Technology (Polaris FT) had carved out its products business into Intellect Design Arena. Polaris FT later rebranded itself as Polaris Consulting and Services.
Upon closing of the transaction in the quarter ended March 2016, Citigroup Technology Inc will designate Virtusa and Polaris as a preferred vendor for providing IT services on an enterprise-wide basis.
In addition, the companies have agreed to certain productivity savings and associated reduced spend commitments for a period of two years, which, if not achieved, would require Virtusa/Polaris to provide certain minimum discounts to Citi.
Polaris Consulting shares closed 0.22 per cent higher at Rs 204.10 apiece compared to a flat Nifty.
Sign Up with Google
RECOMMENDED FOR YOU
POPULAR