Polaris Rises on Report Tech Mahindra May Buy Unit: Mumbai Mover
Polaris Financial Technology Ltd. (POL), an Indian software maker, rose the most in a month in Mumbai trading after a media report that Tech Mahindra Ltd. (TECHM) may buy its information technology services unit for about $400 million.
Shares of Polaris rose as much as 4.4 percent, headed for the biggest gain since June 17, before trading 3.3 percent higher at 118.60 rupees as of 11:03 a.m. Tech Mahindra rose 0.4 percent to 1,126 rupees.
Tech Mahindra is in advanced talks to buy the Polaris business after conducting due diligence, the Business Standard reported, citing unidentified people familiar with the matter. The unit had sales of about $330 million last financial year, the newspaper reported.
Aashish Washikar, a spokesman for Pune-based Tech Mahindra, declined to comment on the report. Nachu Nagappan, a spokesman for Chennai, India-based Polaris, wasn’t immediately able to comment.
Tech Mahindra, controlled by Mahindra & Mahindra Ltd. (MM), India’s biggest maker of tractors and utility vehicles, last month completed its acquisition of Satyam Computer Services Ltd.
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