Coforge Launches Open Offer To Acquire Majority Stake In Cigniti Technologies

Coforge Ltd. is looking to acquire a majority stake in Cigniti Technologies Ltd. for Rs 1,415 per share. In an exchange filing, Coforge said it entered into a share purchase agreement with Cigniti and its shareholders to buy a 50.66% of the total paid-up capital of the company, which has triggered an open offer.

On an expanded voting-share capital base, the total stake on sale is at 50.21%., Coforge said. The share purchase agreement has been signed for a total consideration of Rs 1,956.95 crore in cash.

IIFL Securities is acting as manager to the offer. Following the announcement, shares of Coforge were trading 7.8% lower at Rs 4,596.75 apiece on the NSE, compared to a 0.16% advance in the benchmark Nifty at 10:18 a.m.