* Says approaches "materially higher" than current share price
* Says holding discussions with the potential buyers
March 1 (Reuters) - K3 Business Technology Group PLC said it had received a number of indicative proposals at levels that were "materially higher" than its current share price, and had started a formal sale process.
The software supplier said it was holding discussions with potential buyers and proposed to conduct the sale process through its adviser, Deloitte.
K3 began a strategic review of the company late last year after it received an approach from PJ Claesson, the company's largest shareholder.
In January, the company said that talks with Claesson did not result in a final proposal for the company, but decided to continue with the strategic review.
K3's shares have risen about 26 percent since the company first announced it was undertaking a strategic review 3 months ago. They were trading up 21 percent at 188.46 pence at 0830 GMT on Thursday on the London Stock Exchange. (Reporting by Brenton Cordeiro in Bangalore; Editing by Roshni Menon)