CCI Clears Coforge’s Majority Stake Acquisition In Cigniti Technologies
This transaction involves Coforge obtaining between 50.2 per cent and 54 per cent of Cigniti’s shareholding on a fully diluted basis
The Competition Commission of India (CCI) has greenlit IT player Coforge’s majority stake acquisition in Cigniti Technologies.
This transaction involves Coforge obtaining between 50.2 per cent and 54 per cent of Cigniti’s shareholding on a fully diluted basis. The acquisition, approved by the Coforge board on 2 May, is valued at Rs 1,415 per share for a 54 per cent stake.
Coforge is looking to leverage this acquisition to drive its revenue to USD 2 billion by the fiscal year 2027, up from USD 1.12 billion in FY24. The CCI’s approval follows the execution of share purchase agreements and a mandatory open offer in line with Sebi regulations.
In a separate move, the CCI has also approved Mitsui & Co’s acquisition of equity shares in Sneha Farms. Mitsui, a diversified conglomerate listed on the Tokyo Stock Exchange, operates in various sectors including energy, infrastructure, and IT.
The transaction will see Mitsui acquiring shares in Sneha Farms through a combination of primary subscription and secondary purchase. Sneha Farms, which has subsidiaries Sneha Gold Proteins and Singh Poultry, is involved in a wide range of activities from poultry breeding to product distribution.
