Polaris Financial Technology surged over 14% to Rs 137 on reports that many software majors have evinced interest in acquiring the company's software services business.
According to recent reports, the company plans to divest its software services business which accounts for 75-80% of the revenues and is seeking valuation of $400-450 million for the same.
Reports suggest that L&T Infotech, Mahindra Satyam, Wipro, Cognizant and Infosys are some of the software companies that are showing interest in acquiring the services business from Polaris at valuations of around $330-$350 million.
The interest shown by various software majors is because Citi which is one of Polaris' largest clients accounts for 35% of services revenues.
Over 5.5 million shares were traded on the stock exchanges so far.
