Moneycontrol Bureau
Shares of Polaris Financial Technology are quoting ex-demerger on Thursday. The stock fell as much as 21.1 percent intraday.
The Chennai-based software company has fixed the record date as October 10, 2014 for the purpose of determining the list of shareholders who are entitled to receive the shares in Intellect Design Arena, the resulting company after the demerger.
The Honourable High Court of Madras, on September 15, sanctioned the scheme of arrangement (demerger) between Polaris Financial Technology and Intellect Design Arena and their respective shareholders and creditors for the demerger of products business undertaking of the company into a separate entity, Intellect Design Arena.
As per the scheme, each member of Polaris will be alloted one new equity share in Intellect Design Arena for every one equity share held in demerged company (Polaris).
"Post the record date, Intellect will allot its shares to the shareholders of Polaris," said the company in its filing on September 24.
At 12:03 hours IST, the stock was quoting at Rs 209.50, down Rs 37.45, or 15.17 percent on the BSE.
Posted by Sunil Shankar Matkar
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