As at April 15, Polaris has an issued and paid-up share capital, excluding treasury shares, of $402.7 million, with a total share base of just over 17 billion ordinary shares.
The capital reduction, which would require approval from shareholders at an EGM to be called, can also help facilitate future equity-related fund-raising exercises to recapitalise its balance sheet.
Shares in Polaris closed unchanged at 0.1 cents on April 15.
