RS Software's vice-president & company secretary K Sen told The Financial Express that the executive committee of NSE was scheduled to consider the company's application on May 19. "We are expecting it to come through this week," he added.

The RS Software board decided to apply for the NSE listing on April 12, this year. The company has also initiated changes in its Articles of Association to conform to the listing norms of the exchange.

These changes are to be proposed as special resolutions at its 11th annual general meeting to be held on June 11, 1999.

RS Software is already listed with the Calcutta, Mumbai, Delhi and Ahmedabad Stock Exchanges. The explanatory statement to the notice to shareholders says, "large financial institutions and FIIs have forquite some time approached the company to list its shares in the National Stock Exchange for greater tradeability..."

The company has a market capitalisation of Rs 72 crore based on the average price of the 26 weeks prior to the date of application for listing. To get an NSE listing a company is required to have a market capitalisation of Rs 40 crore.

RS Software has issued stock option warrants to its employees that can be converted into equity shares at par at the end of three years from the date of issuing of the warrants.

The board of directors have proposed a 25 per cent dividend for the year to March 1999. The company also recorded a turnover of Rs 40.9 crore and a profit after tax of Rs 6 crore.

RS Software's profit after tax as a percentage of the total turnover has increased over the past three years. For the year to March 1997, its profit after tax was 5.8 per cent of the total turnover. For the year to March 1999 it has increased to 14.9 per cent.

The company has a debt-equity ratio of0.52 per cent and an earning per share of Rs 12.44 for 1998-99. The earning per share has progressively increased from Rs 3.3 in 1996-97 to Rs 6.46 in 1997-98 to the current figure.

RS Software managing director Raj Jain had said recently that the company was aiming at a 200 per cent growth in the current financial year and was planning to get listed with either the Nasdaq or one of the European exchanges.

While the promoter holds 31 per cent of the shares of the company, 51 per cent of the shares are held by the public. The foreign companies and FIIs hold two per cent and mutual funds and banks hold 14 per cent.