Polaris hits 20% upper circuit on delisting proposal

NEW DELHI: Shares of Polaris Consulting & Services hit a 20 per cent upper circuit in Thursday's trade after the IT company told stock exchanges that its board would meet on October 31 to consider delisting of its equities.

The stock rose 20 per cent to hit a high of Rs 291.05 on BSE.

Promoters held 74.42 per cent stake in the company as of September 30. The company said it will appoint a SEBI registered merchant banker for carrying out due diligence as required in terms of Regulation 8(1A)(ii) of the Sebi delisting Regulations.

The company said it will obtain from registrar and transfer agent details of trading in the shares of the company for a period of two years by the top 25 shareholders, along with details of off-market transactions of such shareholders for a period of two years and to obtain any other details as may be required by the merchant banker for carrying out due diligence.