Citi continues to sell Polaris shares

CHENNAI: Citi completed yet another round of selling mid-tier company Polaris Software Lab���s shares in the open market on Tuesday. In the last few months, OrbiTech, an entity controlled by Citi has sold off over 5% of its holding in the company.

According to bulk deal trade data on the NSE, OrbiTech sold 7.5 lakh shares at Rs 166.04 apiece on Tuesday. The identity of the buyer is not known. As of 30 June 2009, Citi held a 43.33% stake in Chennai-based Polaris but after a series of open market selling in the last few months, that stake is down by over 5% to 38%.

Citi holds a stake in Polaris through two entities ��� OrbiTech and Citibank A/C OrbiTech Ltd. Apart from these, there is also an entity called OrbiTech Employees Welfare Trust, which has a 1.41% stake in Polaris.

The Polaris management has maintained that the Citi���s selling spree is a positive sign, as it means more buyer interest and investor diversification for the company.