Shares of Polaris Consulting & Services hit its highest in 10 months

Polaris Consulting & Services Ltd., a mid-sized banking software services company, hit its highest level in 10 months on media reports that owners were in talks for selling a controlling stake in the company.

The Economic Times reported that promoter Arun Jain and major private equity investors were in talks with potential buyers for a stake sale in Polaris, which has a market capitalisation of 2,100 crore rupees. Arun Jain owns a shade less than 30 percent stake in Polaris.

Polaris surged 13 rupees, or 6.8 percent, to 221 rupees on the National Stock Exchange where 20.4 lakh shares changed hands in the first hour of trade versus the 5-day average of 15.8 lakh shares.

The proposed stake sale is being negotiated in the 275-325 rupee price band, ET said on its front page.