Coforge has successfully completed its open offer to acquire an additional 4.69% stake in Cigniti Technologies at Rs 1,415 per share. This increases Coforge’s total shareholding in Cigniti to 32.68%, up from 27.98%.
In an exchange filing dated November 20, Coforge said it had acquired 12,80,374 equity shares. Further, 865 more shares are under process for crediting. The company said it will complete the acquisition under the Purchase Agreement by Q3FY25.
The proposed acquisition of Cigniti by Coforge is in line with its strategy aimed at strengthening capabilities in digital assurance and engineering services as part of its growth plans in the retail, healthcare, and hi-tech verticals. By leveraging Cigniti’s expertise, Coforge aims to meet the annual revenue target of $2 billion by FY27, driven by synergies that would improve operational margins.
Key Details:
- Open Offer Price: Rs 1,415 per share.
- Additional Stake Acquired: 4.69%.
- Total Stake: 32.68%.
- Completion Timeline: Expected by Q3FY25.
Cigniti Technologies specializes in Quality and Digital engineering services and reported a turnover of Rs 814.47 crore in FY24, with a profit after tax of Rs 94.79 crore. This acquisition also strengthens Coforge’s North America business, increasing revenue from the region by approximately 33%.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
