BVR photometric and quasi-simultaneous optical spectroscopic observations of the star HD 81032 have been carried out during the years 2000 - 2004. A photometric period of $18.802 pm 0.07$ d has been detected for this star. A large group of spots with a migration period of $7.43 pm 0.07$ years is inferred from the first three years of the data. H$alpha$ and Ca II H and K emissions from the star indicate high chromospheric activity. The available photometry in the BVRIJHK bands is consistent with spectral type of K0 IV previously found for this star. We have also examined the spectral energy distribution of HD 81032 for the presence of an infrared colour excess using the 2MASS JHK and IRAS photometry, but found no significant excess in any band abovethe normal values expected for a star with this spectral type. We have also analyzed the X-ray emission properties of this star using data obtained by the ROSAT X-ray observatory during its All-Sky Survey phase. An X-ray flare of about 12 hours duration was detected during the two days of X-ray coverage obtained for this star. Its X-ray spectrum, while only containing 345 counts, is inconsistent with a single-temperature component solar-abundance coronal plasma model, but implies either the presence of two or more plasma components, non-solar abundances, or a combination of both of these properties. All of the above properties of HD 81032 suggest that it is a newly identified, evolved RS CVn binary.
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