Polaris down 5%; Promoter Virtusa' OFS for upto 3.72% opens

Global IT services major - Virtusa Corporation which had a majority interest in Polaris, plans to sell 18.86 lakh shares or 1.86 percent in the company via an offer for sale (OFS) at a 40-percent discount to the acquisition price within 1 year.

The stock price of Polaris tumbled close to 5 percent on the news. 

The OFS floor price has been fixed at Rs 130 per share or 19 percent discount to Wednesday’s closing price. It also has an upsize option of another 18.86 lakh shares.OFS for non-retail investors starts December 08 while for retail investors it will be open on December 9. Virtusa had first acquired 53 percent stake in Polaris is November 2015 which was followed up with an open offer in March 2016 that led to increase in stake to 78.61 percent. The stake sale is likely to to bring shareholding below 75 percent.Watch video for more...