Virtusa's holding in Polaris crosses 92.8% after successful delisting offer

The reverse book building for Polaris Consulting by Virtusa attracted 19.3 million shares or 72.56% of the offer of 26.6 million shares, taking latter’s (Virtusa’s) stake to 92.80% in Polaris.

The offer is construed as successful as the promoters’ holding rose post delisting offer to 92.8%. Citigroup Global Markets India was the lead manager for the delisting offer.

“The delisting offer is deemed to be successful as it has met the minimum acceptance condition i.e. cumulative number of the equity shares held by acquirer upon completion of the acquisition would exceed 90% of the share capital target company,” a BSE filing said.

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