Financial software services company Polaris Financial Technology Ltd Friday said its demerged products company Intellect Design Arena will be listed in the coming weeks.
"The company will file the Information Memorandum before 24th October 2014 post which the Products company, Intellect Design Arena Limited, will be listed in coming weeks," said Polaris Financial Technology in a statement here.
In March 2014, Polaris Financial Technology announced the demerger of its products business into an independent entity.
The scheme of demerger was approved by the regulatory authorities, shareholders and subsequently by the Madras High Court Sep 15, 2014.
According to the statement, the board of directors of Intellect Design Arena will meet Oct 15 to allot one share for one share of Polaris Financial Technology.
The Polaris board has decided to offer a special option to the shareholders of Intellect Design Arena to exchange the shares (should they wish) allotted pursuant to the demerger against fully secured non-convertible debentures (NCD).
These NCDs shall have a face value of Rs.42, with a coupon of 7.75 percent per annum, redeemable at par after 90 days.
