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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (4968)	7/7/1999 10:14:00 AM
From: Mohan Marette	Read Replies (1) of 12475

Polaris Software plans to rework IPO structure polaris.co.in Source:CIOL Polaris Software Ltd may rework its proposed public offer as Securities & Exchange Board of India (SEBI) might liberalize IPO (Initial Public Offer) listing norms. Instead of 25 percent equity dilution, the minimum prescribed under current norms, the company may opt for a revised offer. The Rs 85 crore Chennai-based software company would now evaluate its entire public issue structure afresh in case SEBI takes a final decision on liberal norms within July. The premium has also not been finalized yet, Polaris Chairman & Managing Director Arun Jain said. This may delay the company's public issue offering. Polaris plans to go ahead with the existing plans in case the anticipated changes do not materialize quickly. SEBI has already approved the public issue launch. The software firm plans to finance its new offshore development center, coming up at Navalur, Chennai, with the public issue. The stake of Citicorp, which now holds 18 percent in the company, would be diluted due to the issue.

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