Polaris IPO opens on August 4

Chennai-based Polaris Software Lab Ltd is tapping the

capital market with an initial public offer (IPO) of 43.65 lakh shares to raise Rs 91.68

crore. While 35.12 lakh new equity shares of Rs 10 each at a premium of Rs 200 per share

will aggregate Rs 73.76 crore, an offer for sale of 8.53 lakh shares by the existing

members at Rs 210 per share will aggregate Rs 17.92 crore.

The offer will remain open for public subscription from

August 4 to 10. While Rs 58.27 crore of the offer of equity shares will be made to

partially fund the setting up of three new offshore development centers; Rs 8.19 crore

will be used for setting up global development centers at New Jersey and London; Rs 5

crore for overseas branch offices and Rs 6 crore for offer expenses. The total fund

requirement of Rs 77.46 crore will be met by the present issue of Rs 73.76 crore and

internal accruals of Rs 3.70 crore. Kotak Mahindra Capital Company and Enam Financial

Consultants Pvt Ltd are the lead managers. The shares will be listed at the Chennai and

Bombay Stock Exchanges.