Polaris Consulting & Services, an innovator in digital transformation and financial technology witnessed a rise in share price on Friday after Virtusa, an information technology company has acquired 53% stake in Polaris Consulting & Services, for Rs 11.72 billion.
The company said, 'The stake will be bought from certain promoter entities led by chairman Arun Jain and certain other shareholders, including OrbiTech.'
'Virtusa will purchase the shares at a price of around Rs 220.73 a share. In addition, Virtusa will make an unconditional mandatory offer to the public shareholders of Polaris to purchase up to an additional 26% of the outstanding shares of Polaris,' it added.
Shares of Polaris Consulting and Services are trading at Rs 210, up Rs 5.5, or 2.69% at the Bombay Stock Exchange (BSE) on Friday at 9:34 a.m.
The scrip has touched an intra-day high of Rs 210.80 and low of Rs 206.10. The total volume of shares traded at the BSE is 201,542.