The Telegraph
Since 1st March, 1999
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Promoters loosen grip over Polaris

New Delhi, Oct. 2 (PTI): The promoters of infotech company Polaris Software have marginally lowered their stake to 45.96 per cent as on March 31, 2002 from 46.34 per cent earlier while the shareholding of “companies” has gone down by over 2 per cent during the year.

According to Polaris’ latest annual report (2001-02), the shareholding of promoters stood at 45.96 per cent as on March 31, 2002 compared with 46.34 per cent in same period previous year.

During the period the shareholding of non-resident Indian (NRIs) and overseas corporate bodies went up marginally to 0.23 per cent from 0.18 per cent as on March 2001, while the mutual funds lowered their stake in the software company to 5.02 per cent from 6.14 per cent earlier.

The stake of financial institutions, which stood at 2.40 per cent during 2001 increased to 3.04 per cent as on March 2002.

There was only a marginal change in the shareholding of foreign institutional investors during the period, according to the annual report.

Notably the stake held by “companies” in Polaris plummeted to 10.44 per cent on March 2002 as compared with 13.01 per cent on March 2001.

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