Coforge acquired a 17% stake in Cigniti Technologies for ₹645 crore through open market transactions. According to BSE block deal data, Coforge purchased 46,18,199 shares, equivalent to a 16.9% stake in Cigniti Technologies, at an average price of ₹1,398.5 per share, totaling ₹645.85 crore.
Public shareholders Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji sold their entire 6.83% stake in Cigniti Technologies. Additionally, promoter Venkata Subramanyam Chakkilam and Sapna P also sold their shares. In total, 46.18 lakh shares were offloaded by these shareholders at the same price.
Cigniti Technologies’ shares dropped by 1.28%, closing at ₹1,367.20 per share on the NSE. On Thursday, Coforge had acquired an 11% stake in Cigniti Technologies for ₹426 crore. In May, Coforge announced that its board of directors had approved the acquisition of a 54% stake in Cigniti Technologies, subject to the execution of definitive agreements and the completion of certain conditions.
Last week, the Competition Commission of India approved Coforge’s proposal to acquire a majority stake in Cigniti Technologies. Coforge, promoted by Baring Private Equity Asia, is a provider of IT and IT-enabled services (ITES).
