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Polaris Consulting trades high on the bourses

09 Dec 2016

Polaris Consulting & Services is currently trading at Rs. 153.85, up by 10.60 points or 7.40% from its previous closing of Rs. 143.25 on the BSE.

The scrip opened at Rs. 144.00 and has touched a high and low of Rs. 159.00 and Rs. 143.00 respectively. So far 542671 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 217.15 on 18-May-2016 and a 52 week low of Rs. 141.10 on 09-Nov-2016.

Last one week high and low of the scrip stood at Rs. 163.70 and Rs. 142.00 respectively. The current market cap of the company is Rs. 1586.47 crore.

The promoters holding in the company stood at 78.61%, while institutions and non-institutions held 10.24% and 11.15% respectively.

Polaris Consulting & Services’ promoter Virtusa Consulting Services is planning to offload its stake. The offer-for-sale (OFS) by the promoter of Polaris Consulting & Services will open on December 8, 2016. The floor price for the offer is Rs 130 a share.

The promoter intends to make an OFS of 18.86 lakh equity shares and a greenshoe option of another 18.86 lakh shares. It represents 1.86 per cent (without greenshoe option) of the equity share capital of the company. The OFS was made to meet the minimum public shareholding norm. According to SEBI norm, all listed companies should have minimum public shareholding of 25 per cent.

Polaris Consulting is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323