Polaris Financial Technology is trading higher by 4% at Rs 116 on amid reports that the Chennai-based IT software products company is looking for a stake sale in its services business.
“Polaris Financial Technology has approached engineering and construction group L&T and India's third-largest technology services exporter Wipro to gauge their interest in acquiring its services business,” the Economic Times report suggests.
Meanwhile, on January 22, 2013, the board of directors of the company had authorize its management team to explore options including appropriate restructuring, that would provide an impetus to the company for the next stage of its growth, in order to maximize shareholder value.
The stock opened at Rs 114 and touched high of Rs 118 on NSE. A combined 79,478 shares have changed hands on the counter so far on NSE and BSE.