US-based Fiserv is in talks to acquire Polaris , sources told CNBC-TV18 adding that due diligence is in final stage and valuation is being worked out.
With reference to the news item " US-based Fiserv in talks to acquire stake in Polaris ", Polaris Financial Technology has clarified to BSE as under.
"During our 3rd Quarter results in January 2013, the Board of Directors authorised the Management Team to explore options that would provide an impetus to the company for the next stage of its growth. The context was around leveraging untapped potential in our growth engines i.e. Services, Products and the canvas of opportunities that are available to us as a leading Specialist in the global Financial Technology arena.
In line with the stringent Governance principles the company follows, stakeholders have been updated on progress. As announced, the major legs of the restructuring process have been completed last quarter in Q3 2014.
With its singular focus on Banking & Financial Technology for over 2 decades, Polaris has built very robust and comprehensive assets to spearhead transformational projects for the BFSI vertical.
The restructuring exercise has been misconstrued by a certain section of stakeholders with repeated mention of possible sale. Despite the company clarifications, these rumours continue to surface, impacting customer relationships, distracting Management and employees.
Polaris is not for sale. The company is poised to leverage its rich assets in banking and technology to accelerate growth of its two distinct businesses - Products (Intellect) business and IT Services business."
Polaris Tech stock price
On February 26, 2014, at 14:10 hrs Polaris Financial Technology was quoting at Rs 162.80, up Rs 18.35, or 12.70 percent. The 52-week high of the share was Rs 164.90 and the 52-week low was Rs 96.10.
The company's trailing 12-month (TTM) EPS was at Rs 12.13 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 13.42. The latest book value of the company is Rs 109.26 per share. At current value, the price-to-book value of the company is 1.49.
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