Polaris trades jubilantly on getting nod to demerge products business

19 Mar 2014

Polaris Financial Technology is currently trading at Rs. 169.40, up by 16.60 points or 10.86% from its previous closing of Rs. 152.80 on the BSE.

The scrip opened at Rs. 157.50 and has touched a high and low of Rs. 169.70 and Rs. 150.15 respectively. So far 1529169 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 169.70 on 19-Mar-2014 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. 169.70 and Rs. 135.30 respectively. The current market cap of the company is Rs. 1622.22 crore.

The promoters holding in the company stood at 29.13% while Institutions and Non-Institutions held 31.18% and 39.69% respectively.

Polaris Financial Technology’s board of directors at its meeting held on March 18, 2014 has given in-principle approval for demerging the Products Business Undertaking of the Company into a separate Listed Company.

The scheme/structure is subject to the approval by the various regulatory authorities like Stock Exchanges, SEBI, Madras High Court, Registrar of Companies, Shareholders and Creditors.

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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SEBI Registered: Investment Adviser - INA000013323