October 26, 2017

Virtusa to delist of Indian subsidiary from stock exchanges

Town of Westborough
Virtusa's headquarters at 2000 West Park Drive in Westborough

Westborough-based business and IT consulting firm Virtusa is pushing for a delisting of its Indian subsidiary from all its stock exchanges, the company announced Thursday.

The company said it is intending to delist its Indian subsidiary Polaris Consulting & Services Limited, from all stock exchanges on which Polaris' ordinary shares are listed.

In the announcement, the company said the delisting would provide Virtusa with operational flexibility, including cost savings and reduction in management time spent on compliance issues.

The move, Virtusa said, will be in the best interest of Polaris shareholders, as the offer will provide an exit opportunity at a price determined in accordance with the Securities and Exchange Board of India's delisting regulations.

Virtusa acquired a majority interest in Polaris in March 2016 and owns 74 percent of Polaris' outstanding shares.

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