Shares in Polaris Financial Technology surged 20 per cent adding to the 11.6 per cent gain on Tuesday, after the software services firm said its board had approved a split of the company into two businesses.
Polaris will create a new company called Intellect Design Arena that will house its global universal banking, risk and treasury management, global transaction banking, and insurance businesses.
Polaris will retain its services businesses.
Shareholders of Polaris will receive one share of Intellect for each share held while Intellect shareholders will also be offered a special option to exchange shares for 90-day non-convertible debt with a 7.75 per cent coupon.
Polaris will create a new company called Intellect Design Arena that will house its global universal banking, risk and treasury management, global transaction banking, and insurance businesses.
Polaris will retain its services businesses.
Shareholders of Polaris will receive one share of Intellect for each share held while Intellect shareholders will also be offered a special option to exchange shares for 90-day non-convertible debt with a 7.75 per cent coupon.