Virtusa is making a fair buy of 53% stake in Polaris

India’s fair trade regulator CCI has stamped US-based technology outsourcing company Virtusa Corp to acquire 53% stake in mid-tier Indian IT firm Polaris Consulting & Services.

The deal, which is set for about Rs 1,173 crore, will help Virtusa provide end-to-end global banking and financial services, and will also let it pursue larger consulting and outsourcing opportunities.

Virtusa, which is a global firm providing IT consulting, technology implementation and application outsourcing services, also deals in communications and technology, banking, finance and insurance.

In November last year, Virtusa had announced its decision to acquire about 53% of the paid-up share capital from certain promoter entities led by Arun Jain and certain other shareholders, including OrbiTech. The shares would be purchased for Rs 220.73, which would sum up to Rs 1,173 crore.

Image source