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VRTU > SEC Filings for VRTU > Form 8-K on 1-May-2013All Recent SEC Filings

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Form 8-K for VIRTUSA CORP


1-May-2013

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Shee


Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On April 30, 2013, Virtusa Corporation (the "Company") purchased multiple foreign currency forward contracts designed to hedge fluctuation in the Indian rupee against the U.S. dollar and U.K. pound sterling. The U.S dollar contracts have an aggregate notional amount of approximately 689,331,000 Indian rupees (approximately $12,022,000) and have an average settlement rate of 57.61 Indian rupees. The U.K. pound sterling contracts have an aggregate notional amount of approximately 338,335,000 Indian rupees (approximately 4,354,000) and have an average settlement rate of 89.40 Indian rupees. These contracts will expire at various dates during the 36 month period ending on March 31, 2016. The Company will be obligated to settle these contracts based upon the Reserve Bank of India published Indian rupee exchange rates. Based on the U.S. dollar to U.K. pound sterling spot rate on April 30, 2013 of $1.55, the blended weighted average Indian rupee rate associated with both the U.S. dollar and U.K. pound sterling contracts would be approximately 57.40 Indian rupees per U.S. dollar. Such blended, weighted average Indian rupee rate is subject to change, to the extent of any appreciation or depreciation in the U.K. pound sterling against the U.S. dollar, as compared to the spot rate listed above. Because these foreign currency forward contracts are designed to reduce volatility in the Indian rupee exchange rates, they not only reduce the negative impact of a stronger Indian rupee but also reduce the positive impact of a weaker Indian rupee on the Company's Indian rupee denominated expenses.


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