Oct 22, 2013, 12.23 PM IST
Polaris is looking to sell its services unit to L&T Infotech, in a deal estimated to be about USD 400 million.
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Polaris at 18-mnth high, up 8% on sale buzz to L&T Infotech
Polaris is looking to sell its services unit to L&T Infotech, in a deal estimated to be about USD 400 million.
Like this story, share it with millions of investors on M3
Polaris at 18-mnth high, up 8% on sale buzz to L&T Infotech
Polaris is looking to sell its services unit to L&T Infotech, in a deal estimated to be about USD 400 million.
Shares of Polaris hit 18-month high, gaining around 8 percent in intraday trade on Tuesday. Reports indicate that L&T Infotech may be the front-runner to buy Polaris Financial Technologies' services unit.
The company is looking to sell its services unit, in a deal estimated to be about USD 400 million.
According to PTI, others who had been in talks with Polaris FT for this deal include Tech Mahindra and NEC. However, the discussions are now moving towards possible closure with L&T Infotech emerging as the frontrunner, investment banking sources involved in the deal said.
The Chennai-headquartered company will declare its second quarter earnings today.
At 12:04 hrs, the stock was quoting at Rs 145.90, up Rs 4.80, or 3.40 percent on the BSE.
(With inputs from PTI)
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