Polaris surges on executing definitive agreements for divestments of IdenTrust

16 Sep 2013

Polaris Financial Technology is currently trading at Rs. 117.90, up by 1.55 points or 1.33% from its previous closing of Rs. 116.35 on the BSE.

The scrip opened at Rs. 117.00 and has touched a high and low of Rs. 118.60 and Rs. 115.05 respectively. So far 19266 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 147.30 on 20-Sep-2012 and a 52 week low of Rs. 96.10 on 14-May-2013.

Last one week high and low of the scrip stood at Rs. 120.75 and Rs. 114.60 respectively. The current market cap of the company is Rs. 1171.73 crore.

The promoters holding in the company stood at 29.14% while Institutions and Non-Institutions held 29.08% and 41.78% respectively.

Polaris Financial Technology has executed definitive agreements for the divestment of its shares in its subsidiary IdenTrust Inc., a US Corporation. The divestment was made to be in compliance with an order of November 2012 from the regulatory body Committee on Foreign Investment in United States (CFIUS) directing the company to divest its entire equity in IdenTrust Inc.

Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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