Polaris Software gets listed on BSE

By : |September 30, 1999 0

BANGALORE: Polaris Software Ltd. was listed on the Bombay Stock Exchange at a premium of Rs 378 per cent to its issue price of Rs 210. The company’s shares opened at Rs 588 and after having traded between Rs 560 and Rs 775 it closed at Rs 775. The stock recorded a volume of 11.5 lakh shares which is about 40 per cent of the total equity issued by the company through the public issue route.

The company’s shares initially got listed on the Madras Stock Exchange at Rs 572.65 on September 27. Polaris had come out with a public issue of 35,12,500 equity shares in August this year. The issue was priced at Rs 210 (premium of Rs 200 per share) aggregating Rs 73.76 crore. The company also made an offer of sale by existing members of 8,53,150 equity shares at a price of Rs 210 per share which aggregated Rs 17.92 crore. The Polaris IPO was oversubscribed by 20 times.

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