Kotak Mahindra Capital Company (Rs 40.28 crore) and Enam Financial Consultants (Rs 37.78 crore) have underwritten a major chunk of the equity shares on the offer. Corporation Bank has underwritten the issue to the tune of Rs 1.5 crore, Infrastructure Leasing & Financial Services Rs 6 crore, Enam Securities Rs 1.99 crore, Karvy Investor Services Rs 1.5 crore, Jagdish N Master Rs 24.99 lakh and Bhanshali Stock Brokers Rs 24.99 lakh.

Kotak Mahindra and Enam Financial are also the lead managers and Karvy Consultants is the registrar to the issue. Citycorp Finance (India) has a current stake of 18 per cent and after its offer for sale, the stake will come down to 11.29 percent. Post-issue, the paid up capital of Polaris will rise from Rs 13.5 crore to Rs 17.06 crore. Promoters are currently holding 61.66 per cent which will fall to 46.97 per cent post-issue.

Employees' stake will go down marginally from 6.03 per cent to 5.37 per cent. Public will hold 25 per cent. The company has not reserved shares for banks or financial institutions or mutual funds except for a Rs 2.1-crore worth shares for employees. The participation of small investors in the issue may be limited as the company is demanding the entire money of Rs 210 on application.

The public issue proceeds will be utilised to part finance a Rs 77.46 crore project. The project involves setting up three offshore software development centres at Navaloor (total cost Rs 25.97 crore), at Noida (Rs 12.2 crore) and in south India (Rs 20.1 crore), global development centres at New Jersey and London (Rs 8.19 crore) and overseas branch offices (Rs 5 crore). Besides the public issue, the balance funds requirement will be metfrom internal accruals to the tune of Rs 3.7 crore.

Polris provides IT solutions to several multinational companies across 20 countries. The company offers outsourcing solutions in the areas of banking, financial services, transportation and ERP.