Polaris Consulting & Services Limited will be delisted from the exchanges tomorrow, what will happen to my shares and will I able to sell them later?
Polaris Consulting will be delisted from exchanges, effective 25th July. What will happen to my shares and will I able to sell them later?
Today i.e 24th July 2018 is the last trading day for Polaris’s shares on the exchanges and from tomorrow onwards, the company’s shares won’t be available for trading as the shares are getting delisted.
You can find more details on delisting announcement here
This essentially means that if you have the shares of Polaris in your DEMAT and you forgot to sell it today, then you cannot really sell these shares in the market.
However, you can tender these shares offline directly to the company and they will buy it back from you. Here are the details you’d want to know -
- Tender Window - You can tender these shares anytime starting tomorrow to all the way to 31st July 2019.
- Price - The tender price is fixed at Rs.480/- per share. This is the exit offer price, and you can find the offical company announcement on this here.
- How - As a Shareholder, you would have received the “Exit Application form” that needs to be duly filled and submitted to the company registrar whose details are given below. Shareholders are also required to transfer these securities held in their demat account to the designated demat account of Polaris Consulting. The mode of transfer will “off market” and you will have to get in touch with your DP to initiate such a transfer through DIS.
After the transfer has been made, a counterfoil / photocopy of their depository participant instruction slipter depository instruction evidencing transfer of dematerialized Equity Shares to the Special Depository Account along with the duly filled “Exit Application form” are to be sent through a registered post to the following address:
Karvy Computershare Private Limited
Registered Office: Karvy Selenium Tower B,
Plot Number 31 and 32 | Financial District,
Gachibowli, Hyderabad, 500 032
Tel: (91 40) 6716 2222
Fax: (91 40) 2343 1551
Contact Person: Murali Krishna
Email: [email protected]
Funds would be credited to the bank account mapped with the demat account from which the transfer has been made.
Account Name: VIRTUSA CONSULTING SERVICES PRIVATE LIMITED - POLARIS EXIT OFFER ESCROW ACCOUNT
Depository Participant (DP Name): KARVY STOCK BROKING LIMITED
Depository Identification No. (DP ID): IN300394
Client Identification No. (Client ID): 19896982
Depository: National Securities Depository Limited
- In case you don’t receive/or lose the application, then you can contact Karvy for a new application form.
- Upon the receipt and fulfillment of all the terms and conditions, the company will make the payment via bank transfer within 10 working days
I think the company has stated that that would process the applications every 15th of the month, so I guess by 25th of the month you’d receive the money.
Here is exit letter of offer. This doc alos has FAQs on the process of tendering the shares.
The letter in word format.
some correction : 1. you just can not tender the shares before August 01 when the exit offer start .3.exit offer letter will be sent to shareholders holding shares eod July 26 so no question that the exit offer form is already being sent or received by any shareholder.
you have one year time to sell the shares starting August 01 directly to promoters in an off market non stt paid deal getting net 480 in your bank.
Yup, this is an off market deal, so no STT.