Coforge Acquires 17% Stake In Cigniti Technologies For Rs 645 Cr
Earlier this year, Coforge’s board of directors had approved the acquisition of a 54 per cent stake in Cigniti Technologies
IT company Coforge has acquired a 17 per cent stake in Cigniti Technologies for Rs 645 crore through open market transactions. The block deal data available with the Bombay Stock Exchange (BSE) shows that Coforge purchased 46,18,199 shares at an average price of Rs 1,398.5 per share, bringing the total transaction value to Rs 645.85 crore.
The acquisition saw exits from public shareholders Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji, who sold their entire 6.83 per cent stake in Cigniti Technologies. Additionally, shares were offloaded by Sapna P and Venkata Subramanyam Chakkilam, one of Cigniti's promoters. In total, 46.18 lakh shares were sold by these shareholders at the agreed price.
Earlier this year, Coforge’s board of directors had approved the acquisition of a 54 per cent stake in Cigniti Technologies, pending the execution of definitive agreements and the fulfillment of certain conditions.
Recently, the Competition Commission of India gave its approval for Coforge’s proposal to acquire a majority stake in Cigniti Technologies.
_20240501181242original_image_36.webp)