Polaris Financial Technology has moved higher by nearly 4% to Rs 119 on reports that Tech Mahindra (TechM) is likely to acquire the IT services business of the company.
“Tech Mahindra is in an advanced stage of discussions with Polaris after L&T Infotech, another serious suitor, opted out of the fray,” the Business Standard report suggests.
Polaris' services business had reported around $330 million (Rs 1,813 crore) in revenues in 2012-13. According to sources, the company is seeking a valuation of over $400 million, added report.
The stock opened at Rs 118 and touched high of Rs 120 on NSE. A combined 1.34 million shares have changed hands on the counter till noon deals on NSE and BSE.
“Tech Mahindra is in an advanced stage of discussions with Polaris after L&T Infotech, another serious suitor, opted out of the fray,” the Business Standard report suggests.
Polaris' services business had reported around $330 million (Rs 1,813 crore) in revenues in 2012-13. According to sources, the company is seeking a valuation of over $400 million, added report.
The stock opened at Rs 118 and touched high of Rs 120 on NSE. A combined 1.34 million shares have changed hands on the counter till noon deals on NSE and BSE.
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