Home / Companies / Polaris gets approval to demerge products business

Mumbai: Chennai-based software solutions firm Polaris Financial Technology Ltd informed the exchanges on Wednesday that the Madras high court (HC) had sanctioned the demerger of its product business into a separate entity called Intellect Design Arena Ltd.

Shareholders of Polaris will receive one share of the new entity for every share held in the software company.

On 19 March, shares of Polaris had hit a one-year high, rising 19.9% to 183.35 a piece, after it announced its plans to demerge and spin-off the products business into a separate entity.

At that time, the company had said the demerger was a part of its growth strategy that was put in place after it had restructured itself into two main divisions—services and products—in May 2012.

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