Polaris Financial technology is planning to divest the business of American company – IdenTrust Inc which it acquired last April.
According to BSE filings, the business of IdenTrust Inc is classified by the US Government as critical to its security infrastructure. The technology and several patents owned by IdenTrust over the last few years have given cutting edge differentiation to the business of IdenTrust.
For these reasons, the US Government imposed that the company must be controlled by US entities only.
Polaris FT has therefore decided to enter into negotiations with interested parties in the US within the next 12 months.
GMR Airports Limited (GAL), a subsidiary of GMR infrastructure, has acquired 24,50,00,000 shares of face value of Rs 10 each, representing 10% (additional) stake from Malaysia Airports (Mauritius) Private Limited (MAMPL) for a consideration of $80 Mn, raising its stake to 64% in Delhi International Airport Limited (DIAL).