Date:07/11/2009 URL: http://www.thehindubusinessline.com/2009/11/07/stories/2009110751781000.htm

Back Orbitech cuts stake in Polaris Software

Our Bureau

Chennai, Nov. 7 Orbitech Limited, an arm of Citibank Capital Venture, on Friday sold shares in Chennai-based Polaris Software Lab Ltd in a deal valued at Rs 17.35 crore.

It sold 10.29 lakh shares or nearly 1 per cent at Rs 168.56 a share, according to information on the NSE.

Orbitech has sold nearly 5.2 per cent in Polaris. Before today’s sale Orbitech’s stake in Polaris was 39.56 per cent.

In 2002, Polaris and Citibank (as owners of Orbitech Solutions) entered in to a stock-swap arrangement. Under this, Polaris will acquire shares of Orbitech Solutions and in return issued its shares to Citibank.

This share of Polaris is now held by Citibank Venture Capital through its arm, Orbitech Ltd, and is being sold in the open market, said a Polaris official.

Share price of Polaris on the NSE closed at Rs 165.95, an increase of Rs 9.