Abhinav and Niren have published an excellent post on Polaris. Read complete post from herehttp://manufacturedluck.blogspot.in/2013/06/polaris-good-value-punt.html. In simple words the investment theme is investing in a stock which typically satisfies all the parameters of value stock and in addition currently in play on because of RUMOURS of sale of its service division which accounts for nearly 70% of its overall revenue. There can be debate whether to invest or not, but I think one should atleast ANALYSE SUCH INVESTMENT OPPORTUNITY, TO EXPLORE NEW WAYS TO SELECT STOCKS.
Here is a brief mindmap on Polarishttp://app.wisemapping.com/c/maps/128070/public
Here some of thescenarioI could think of :http://app.wisemapping.com/c/maps/130537/public
A question may arise as why not Mphasis, which also is in play because of rumours of sale. Unlike Polaris, here the sale is of entire stake, which will trigger open offer whereas in Polaris there is a probability that MINORITY SHAREHOLDERS may be rewarded and entire proceeds PISS OFF in UNRELATED DIVERSIFICATION. The simple answer is valuation is not as cheap as in Polaris and in case of Mphasis, business from HP appears to be on secular decline for some more years unlike Citibank where business is stable to moderate growth. see the mind map herehttp://app.wisemapping.com/c/maps/129409/public