Orbitech Ltd Reduces Stake In Polaris Software
Orbitech Ltd - an arm of Citibank Capital Venture sold 10.29 lakh shares of Chennai based Polaris Software Lab Ltd through open market transaction in a deal valued at Rs 17.35 crore.
The deal values the software solutions provider about Rs 1753 cr. 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 entered in to a stock-swap arrangement. Under this, Polaris will acquire shares of Orbitech Solutions and in return issued its shares to Citibank.
Founded in 1993, Polaris offers software solutions to banking and insurance companies. It had recently acquired Chennai based Laser-Soft Infosystems Ltd for Rs 52 cr.
Also Read
Polaris Software Acquires Laser-Soft for Rs 52 Cr
| Readers' Comments | Post a Comment >> |
| Dealforwards |  |
| Jan 31, 2012... | Dell Set For India Acquisition: Hexaware, NIIT Potential Targets |
|
| Jan 31, 2012... | Flipkart Raises $150Mn From Accel Partners, Tiger Global |
|
| Feb 1, 2012... | Trishe Energy To Raise PE Funding For Wind Power Projects |
|
| Feb 6, 2012... | Unitus Seed Fund Invests In Bodhicrew Services, Hippocampus Learning, Milaap Social |
|
| Jan 31, 2012... | Radiowalla.in Raises Series A Funding From Ojas Venture Partners |
|
Editorial
India A Bright Spot For Otherwise Insolvent CalPERS
I heard that Calfornia Pension is going to default and I started wondering what could be India's contribution to that.
