Polaris Consulting & Services founder Arun Jain and his family members will gain the most from the stake sale in the company to Virtusa for Rs 1,173 crore.

Overall, the promoters of the Chennai-based IT service provider will get nearly Rs 639.80 crore from the deal. On Thursday, Virtusa said that it was acquiring 53% stake in Polaris through its subsidiary.

Billionaire investor Rakesh Jhunjhunwala, who holds five million shares in Polaris, will get Rs 110.36 crore, which is more than the amount the founder will be receiving for his individual stake of 4.32 million shares. Jain will be getting Rs 95.40 crore, Business Standard reported.

The other promoter in the company - Polaris Banyan Holdings Pvt Ltd - owned by Arun Jain, will get Rs 441.92 crore, Manju Jain (Arun's wife) will get Rs 23.23 crore, Uday Jain (son) Rs 13.67 crore and Aarushi Jain (daughter) will be getting Rs 1.32 crore, according to a Virtusa filing with the US market regulator.

Yogesh Andlay, one of the earlier promoters of Polaris, will receive Rs 45.85 crore from the deal.

Apart from Jhunjhunwala, the other beneficiaries include Arun Sekhar Aran (Rs 9.68 crore), Konark Trust (Rs 3.31 crore), Orbitech Employees Welfare Trust (Rs 19.86 crore) and Amit Goela (Rs 4.41 crore).

The stock price of Polaris has appreciated by over 22% since the beginning of September, based on Friday's closing of Rs 203.

Citigroup is the largest client of Polaris, accounting for nearly 35% of its revenue.

With JP Morgan Chase, British Telecommunications and AIG Global Services as top clients, Virtusa earned $479 million in revenues last fiscal and is sitting on a cash pile of $180 million. Virtusa is expected to gain access to new clients in banking and financial services through the acquisition.

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