Polaris Financial Technology (PFT) said on Friday that it would list its product business, which it has demerged from the company’s services business, separately on the bourses. The product business will now be listed separately on the bourses as Intellect Independent Arena, PFT Chairman Arun Jain said in a release.
The services business will now trade independently as Polaris Financial Technology Ltd.
The board of directors of the company will meet on October 15 to allot one share of Intellect for one share of Polaris.
The company had restructured its products and services businesses into separate entities in March 2013, and filed for demerger of both business in March this year.
The scheme of demerger was approved by the Madras High Court on September 15 this year. The PFT stock again took a beating on the markets on Friday, closing down 4.49 per cent over its previous close at Rs 204.35 a share. Roughly Rs 400 crore has been wiped off its market capitalisation in the last two trading sessions.
On the NSE, the PFT stock dropped 2.86 per cent over its previous close to settle at Rs 204. The stock had fallen over 15 per cent and 13.36 per cent respectively on the BSE and NSE on Thursday.
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