Polaris Consulting locked at 20% upper circuit on delisting proposal

Moneycontrol News

Shares of Polaris Consulting & Services has locked at 20 percent upper circuit on Thursday as company is going to consider delisting of its equity shares.

There were pending buy orders of 99,101 shares, with no sellers available.

The company's board meeting is scheduled to be held on October 31, 2017 to consider proposal of voluntary delisting of the equity shares of the company.

The company will consider appointment of SEBI registered merchant banker for carrying out due diligence as required in terms of Regulation 8(1A)(ii) of the SEBI Delisting Regulations.

And also to obtain from Registrar and Transfer Agent details of trading in the shares of the Company for a period of two years by the top 25 shareholders along with details of off-market transactions of such shareholders for a period of two years and to obtain any other details as may be required by the Merchant Banker for carrying out due diligence as required in terms of Regulation 8(1A)(ii) and 8(1D) of the SEBI Delisting Regulations.

The company has received a letter from promoter, Virtusa Consulting Services (VCS) informing a proposal from VCS along with the members of the Promoter Group to voluntarily delist the equity shares of the company currently listed on the BSE, the National Stock Exchange of India and the Metropolitan Stock Exchange of India by purchasing the equity shares of the company held by the company’s public shareholders, as per company release.

Presently, the public shareholders are holding 2,61,72,715 equity shares (25.60 percent) and the promoter (VCS) is holding 7,60,81,069 equity shares (74.40 percent) of the company.

At 09:36 hrs Polaris Consulting & Services was quoting at Rs 291.05, up Rs 48.50, or 20 percent on the BSE.

It has touched 52-week high of Rs 291.05.