Coforge Limited signed a share purchase agreement to acquire 32.77% stake in Cigniti Technologies Limited from Chakkilam Venkata Subramanyam, Chakkilam Srikanth, Rajeswari Chakkilam, Pennam Sudhakar and Sapna Pennam for INR 12.7 billion.
May 01, 2024
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Coforge Limited (NSEI:COFORGE) signed a share purchase agreement to acquire 32.77% stake in Cigniti Technologies Limited (BSE:534758) from Chakkilam Venkata Subramanyam, Chakkilam Srikanth, Rajeswari Chakkilam, Pennam Sudhakar and Sapna Pennam for INR 12.7 billion on May 2, 2024. Under the terms, Coforge will acquire 8.95 million share at INR 1415 per share. The transaction was approved by the Board of Directors of Cigniti Technologies. The transaction is subject to execution of definitive agreements, approval from the Competition Commission of India, approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other regulatory approvals. The transaction is expected to complete by Q2 of FY25. Manoj Balwani, Milap Maru, Jyotin Gagrani and Shubham Verma
of BDA Partners Ltd acted as financial advisors to Coforge.
Cigniti Technologies Limited is an India-based engineering services company. The Company is primarily engaged in providing software testing services across the world. It offers services, including assurance, which includes test automation, security testing and regression testing; engineering, which includes agile testing, performance engineering and services virtualization; digital assurance, which includes cloud migration assurance, medical devices testing and robotic process automation; testing, which includes artificial intelligence testing, Internet of Things (IoT) testing and blockchain testing, and advisory and transformation, which includes test advisory and transformation services, the testing center of DevOps transformation. The Company serves industries, which includes airlines, banking, communications, energy and utilities, financial services, healthcare and life science, insurance, logistics, media and entertainment, and retail and e-commerce.
Coforge Limited signed a share purchase agreement to acquire 32.77% stake in Cigniti Technologies Limited from Chakkilam Venkata Subramanyam, Chakkilam Srikanth, Rajeswari Chakkilam, Pennam Sudhakar and Sapna Pennam for INR 12.7 billion.