Polaris Consulting zooms 20% on delisting plan; stock hits 16-year high

The surged 20% to Rs 291 after the company said its board will meet on October 31, 2017, to consider proposal of voluntary delisting of the equity shares

Polaris Consulting & Services was locked in upper circuit of 20% at Rs 291, hitting an over 16-year high, after  the company said its board will meet on October 31, 2017, to consider proposal of voluntary delisting of the equity shares. The stock of IT software products Company trading at its highest level since May, 2001.

“The board of directors of the company has been scheduled to meet on October 31, 2017, to consider proposal of voluntary delisting of the equity shares of the Company,” Polaris Consulting & Services said in a regulatory filing.

The board will also consider the appointment of the Securities and Exchange (SEBI) registered merchant banker for carrying out due diligence as required in terms of Regulation 8(1A)(ii) of the SEBI Delisting Regulations, it added.

As of September 30, 2017, the promoters hold 74.42% stake in Polaris Consulting & Services. Individual shareholders held 11.64% stake in the company, followed by Foreign portfolio investors (6.58%) and mutual funds (4.06%), while the remaining 3.3% stake are with the others.

Thus far in the calendar year 2017, the stock outperformed the market by surging 93% from Rs 151, as compared to 24% rise in the S&P BSE Sensex.

Till 10:13 AM; a combined 1.08 million shares changed hands and there were pending buy orders for 277,269 shares on the BSE and NSE.