Share prices of Polaris Financial Technology touched a 52-week high on the BSE on Wednesday following media reports of the US-based Fiserv planning to acquire a stake in the company.

Polaris’ share price hit a high of ₹168 before closing at ₹164.75, 14.05 per cent higher than the previous day’s close.

There was a spurt in volume too, by a huge 21.17 times at 2.08 crore shares. The Chennai-based company, however, denied the media report.

“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,” it said in a communication to the stock exchanges.

During the December quarter, the board of directors authorised the management team to explore options that would drive the company’s growth. The context was around leveraging untapped potential in the company’s growth engines — services, products and other opportunities available to it as a specialist in the global financial technology arena, it said.

The major legs of the restructuring process were completed last quarter.

This has been misconstrued by a certain section of stakeholders.

Despite the company’s clarifications, these rumours continue to surface, impacting customer relationships, distracting management and employees, the company said.

This is not the first time Polaris has issued such denial. In September 2013, the company denied that Japan’s NEC was planning to buy its services division.

Earlier in May, it denied certain IT majors were bidding for its services business and in April, it had to scotch rumours of being approached by L&T and Wipro to sell its services unit.

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