Virtusa, an information technology company has acquired 53% stake in Polaris Consulting & Services, an innovator in digital transformation and financial technology 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.

Arun Jain, chairman, Polaris Consulting & Services said, "This will enable to establish and pursue innovative models for social impact using Design Thinking in the areas of health and education, in addition to my focus on steering Intellect Design Arena into a global digital products powerhouse."

Upon closing of this transaction, Citigroup Technology has agreed to designate both the companies as a preferred vendor for Global Technology Resource Strategy for the provision of IT services.

The preferred vendor status provides an opportunity to competitively bid for additional and new work. The transaction is subject to certain conditions to close, including regulatory approvals.

Shares of the company declined Rs 2.1, or 1.02%, to settle at Rs 204.50. The total volume of shares traded was 384,329 at the BSE (Thursday).