Coforge Begins Acquisition In Cigniti Technologies, Buys Stake Worth Rs 426 Crore
Coforge bought 11.06% stake comprising 30.21 lakh shares in the technology company, according to bulk data on the NSE.
Information technology firm Coforge Ltd. has acquired stake in Cigniti Technologies Ltd. worth Rs 426.68 crore through open market transactions on Thursday. Ashika Credit Capital, on the other hand, offloaded stake in the company.
Coforge bought 11.06% stake, comprising 30.21 lakh shares in the technology company, according to bulk deal data on the NSE. Coforge bought the shares at Rs 1,412.25 apiece.
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, Ashika Credit Capital sold 1.99 lakh shares representing 0.73% stake at Rs 1,395.07 per share.
Shares of Cigniti Technologies closed 0.37% lower as compared with a 0.06% advance in the NSE Nifty 50.
