Shares of Polaris Financial Technology soared 13 percent, hitting a 22-month high at Rs 163.10 intraday on Wednesday. According to CNBC-TV18 sources, US based Fiserv is in talks to acquire the midcap IT player.
It is learnt that due diligence process is in the final stage and valuations are being worked out. Fiserv is eyeing both the services and product businesses of Polaris.
Post the deal Chairman and Group CEO of Polaris, Arun Jain is likely to join the board of Fiserv. Jain is likely to be head of services business. The deal may also trigger open offer.
At 11:33 hrs, the stock was quoting at Rs 161.45, up Rs 17.00, or 11.77 percent on the BSE.
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