Business   

Citigroup stake sale in Polaris Software?

CHENNAI: The Chennai-based Polaris Software Lab, in which Citigroup of the U.S. has a strategic investment, has stated that Citigroup cannot take decisions to dilute its investment without prior approval from the management of Polaris.

Officials of Polaris have also confirmed that there has been no dialogue on this subject between Citigroup and Polaris.

Reacting to rumours that Citibank was in talks with some buyers to offload its stake in Polaris, company officials said even if Citibank was interested in offloading its stake, Polaris had the first right of refusal. Citigroup including Orbitech, owns 43.33 per cent stake in Polaris, while Arun Jain, Chairman and Managing Director of Polaris and his associates have 28 per cent stake in the company. Citigroup is a major customer of Polaris.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Fiat way to tackle market slowdown
‘Smart investors picking up stocks’
Federal Bank to recruit 3,000 people by 2011
Citigroup stake sale in Polaris Software?
Detailed survey of ‘kaipad’ areas sought
Slowdown fails to decelerate e-bikes
Compu-Needs and One View Systems tie-up
Shopping festival to attract more tourist inflow
Bullion Rates

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu