No more in airplane mode
The TRAI recommendation to allow in-flight Wi-Fi services is a positive step, and if structured properly, ...
The delisting offer of Polaris Consulting & Services by Virtusa Consulting Services has been successful as the latter has accepted the ‘discovered’ price of ₹480 a share as the final exit price.
Upon settlement by Virtusa India of approximately $145 million (about ₹935 crore), exclusive of transaction and closing costs, the shareholding of Virtusa in Polaris’ share capital will increase to at least 93 per cent from 74 per cent.
On March 3, 2016, the US-based IT company Virtusa acquired a majority interest in the city-based IT company Polaris.
Polaris’ public shareholders who are yet to tender their shares to Virtusa India may offer their shares for sale to Virtusa at the exit price over a period of one year following the date of delisting from all stock exchanges on which Polaris’ common shares are listed, the release said.
The offer was deemed to be successful, as post the delisting offer, promoters’ holding will increase to over 90 per cent. The delisting offer remained opened between January 30 and February 5, at an indicative offer price of ₹370 a share.
$450-m credit pact
Meanwhile, Virtusa has entered into a $450-million credit agreement with a syndicated bank group jointly led by JP Morgan Chase Bank and Merrill Lynch, Pierce, Fenner & Smith Incorporated, to support the company’s transaction to delist Polaris.
This will replace Virtusa’s existing $300-million credit agreement, says the release.