Coforge Buys Additional Stake In Cigniti Technologies Worth Rs 645 Crore
Information technology firm Coforge Ltd. has acquired stake in Cigniti Technologies Ltd. worth Rs 645.85 crore through open market transactions on Friday.
Coforge bought 16.91% stake, comprising 46.18 lakh shares, in the technology company at Rs 1,398.5 apiece, according to block deal data on the BSE.
The move comes after the Competition Commission of India in June approved Coforge's proposal to acquire majority stake in Cigniti Technologies.
Coforge will be acquiring at least 50.21% stake and up to 54% stake on a fully diluted basis.
On the other hand, public shareholder Kukunuru Madhava Lakshmi sold 15.49 lakh shares, representing 5.67% stake; Sapna P, who holds 13.04% stake in Cigniti Technologies offloaded 13.77 lakh shares, representing 5.04% stake; while promoter Venkata Subramanyam Chakkilam, who holds 10.25% stake in the company sold 13.77 lakh shares, representing 5.04% stake. Public shareholder Kukunuru Kumar Bapuji offloaded 3.13 lakh shares, representing 1.14% stake for Rs 1,398.5 per share.
Coforge has already acquired an additional 28% stake on Thursday in Cigniti Technologies for about Rs 1,072 crore via open market operations.
Shares of Cigniti Technologies closed 1.03% lower, as compared with a 0.09% advance in the NSE Nifty 50.
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