Polaris Consulting hits new high

Polaris Consulting is the top gainer on the BSE today morning. Within minutes of opening, the stock hit the 20% UC at Rs.291.05, a new 52-week high too.

The company has announced today morning that it has scheduled a Board Meeting for 31st Oct to consider delisting of its shares from the Indian bourses.

Currently, the promoter – Virtusa Consulting Services, holds 74.40% stake.

The company has stated that the purpose of delisting is to enable the promoter group to obtain full ownership of the company, thereby giving enhanced operational flexibility. It says that delisting will help save costs and reduction in dedicating management time to comply with the requirements associated with continued listings, which can be refocused on company’s business.

The promoter group believes that given the low liquidity the delisting would benefit the public shareholders, giving them an exit opportunity.