Virtusa acquires 51.7% share in Polaris

Q.  NASDAQ Listed firm Virtusa has entered into clear agreement to acquire _____ stake in Chennai based Polaris on November 5, 2015.
- Published on 06 Nov 15

a. 51.5%
b. 51.6%
c. 51.7%
d. 51.8%

ANSWER: 51.7%
 
Nasdaq-listed IT services company Virtusa has entered into a definitive agreement to purchase 51.7% stake in Chennai-based Polaris Consulting & Services for approximately $270 million and an unconditional mandatory open offer to purchase up to 26% of the outstanding shares of Polaris from the public shareholders. Virtusa will acquire 51.7% of the paid up share capital of Polaris from certain promoter entities led by Arun Jain and certain other shareholders, including OrbiTech Private formerly known as Orbitech Limited. The Polaris transaction is expected to close during Virtusa's fourth fiscal quarter of March 31, 2016.

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