Polaris Consulting’s promoter plans to offload 1.86% stake

08 Dec 2016 Evaluate

Polaris Consulting & Services’ promoter Virtusa Consulting Services is planning to offload its stake. The offer-for-sale (OFS) by the promoter of Polaris Consulting & Services will open on December 8, 2016. The floor price for the offer is Rs 130 a share.

The promoter intends to make an OFS of 18.86 lakh equity shares and a greenshoe option of another 18.86 lakh shares. It represents 1.86 per cent (without greenshoe option) of the equity share capital of the company. The OFS was made to meet the minimum public shareholding norm. According to SEBI norm, all listed companies should have minimum public shareholding of 25 per cent.

Polaris Consulting is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking.

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