Polaris rises 15% as Tech Mah, L&T Infotech eye stake in co

Shares of software services firm Polaris Financial Technology  rallied 15.4 percent Friday, on media reports that the company was close to finalising the deal to sell its IT services unit.

Earlier, CNBC-TV18 had reported that Cognizant was ahead in the race to buy the unit.

Also Read - Cognizant front-runner in Polaris stake sale: Sources

A report in The Times of India said that L&T Infotech and Tech Mahindra were also in the fray.

"While L&T Infotech (a subsidiary of engineering giant Larsen and Toubro) has placed a USD 330-million offer, Tech Mahindra's bid is more than USD 350 million. Both the offers, however, have come below the asking valuation of USD 400-450 million," the ToI report said.

Both these companies had fought for buying Hyderabad-based Satyam Computers, which eventually went to the Mahindra Group.

At 11:47 hours IST, the stock was quoting at Rs 135.65, up 13.09 percent amid hefty volumes on Bombay Stock Exchange.

Trading volumes increased more than 5 times to 13,25,289 equity shares as compared to its five-day average of 2,51,899 shares. Market capitalisation of the company currently stands at Rs 1,621.19 crore.

The stock surged 26 percent in past one month.