Polaris Software plans to rework IPO structure

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.