The correct option (b) (2M/π)
Explanation:
We know, magnetic moment = M= m × ℓ (1)
when wire is bent, the pole strength remains same & when it is in the form of semicircular arc, the separation between poles in 2r. (r is radius of semicircle)

∴ πr = ℓ
∴ r = (ℓ/π)
∴ New magnetic moment = M' = m × 2r
= m × (2ℓ/r)
= (2M/π) from (1)