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Wednesday, Oct 30, 2002

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Alliance buys 1 pc more in Polaris Software

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CHENNAI, Oct. 29

ALLIANCE Capital Mutual Fund has acquired five lakh shares of Polaris Software Lab Ltd in the open market, amounting 0.98 per cent of the company's equity, taking its total stake in Polaris to 5.35 per cent.

The acquisition of such a large volume comes after a revised swap ratio in the Polaris-OrbiTech solutions merger was announced on Saturday.

As on September 30, the promoter's holding in Polaris is 46.39 per cent, non-promoters' 19.57 per cent, Citicorp Finance (India) Ltd 6.25 per cent, private corporate bodies 9 per cent and public holding 20.48 per cent.

Among the institutional investors, Alliance Millennium Fund holds 1.61 per cent, Alliance Capital Mutual Fund (1.28 per cent), Pioneer ITI Mutual Fund Pvt Ltd (1.02 per cent), HSBC Global Investment Funds Mauritius Ltd (1.48 per cent) and Emerging Markets Management (1.88 per cent).

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