Shares of Polaris Financial Technology Ltd gained more than 17% intraday after the company announced demerger of its product business on Tuesday. The scrip closed 11.57% higher at Rs 152.80 on the BSE.
As consideration for the demerger, every shareholder of Polaris Financial Technology will receive one share of Intellect, the new product company.
Commenting on the restructuring, Arun Jain, executive chairman, Polaris Financial Technology, said, "On one hand, the shareholder will get an additional share of Intellect, a new horizon business. On the other hand, expanded leadership capacity, greater customer centricity and sharper focus will drive higher value in each of the businesses.
"The company will be filing the scheme of demerger with the stock exchanges, SEBI and high court as per extant regulations," the company added in the release.