Polaris Financial Technology has moved higher by 15% to Rs 158 on the BSE, after the company said its board has given their in-principle approval for demerging of its Products (Intellect) business into an independent entity.
The product company will be known as Intellect Design Arena Ltd (Intellect) and comprise of four distinct businesses: global universal banking; risk and treasury management; global transaction banking and insurance, the company said in a statement.
Polaris Financial Technology will continue to run the Services Business with a strong vertical and solution focus, it added.
As consideration for the demerger every shareholder of Polaris Financial Technology will receive one share of Intellect.
The stock opened at Rs 136 and touched a high of Rs 161 on the BSE. A combined 4.41 million shares changed hands on the counter till late noon deals on the BSE and NSE.
The product company will be known as Intellect Design Arena Ltd (Intellect) and comprise of four distinct businesses: global universal banking; risk and treasury management; global transaction banking and insurance, the company said in a statement.
Polaris Financial Technology will continue to run the Services Business with a strong vertical and solution focus, it added.
As consideration for the demerger every shareholder of Polaris Financial Technology will receive one share of Intellect.
The stock opened at Rs 136 and touched a high of Rs 161 on the BSE. A combined 4.41 million shares changed hands on the counter till late noon deals on the BSE and NSE.
