Coforge, an IT company, purchased a 17% stake in Cigniti Technologies for Rs 645 crore through open market transactions on Friday.
According to the block deal data available with the BSE, Coforge acquired a total of 46,18,199 shares, equating to a 16.9% stake in Cigniti Technologies, at an average price of Rs 1,398.5 per share, valuing the transaction at Rs 645.85 crore. Additionally, Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji, public shareholders of Cigniti Technologies, divested their entire 6.83% stake in the firm.
Furthermore, Sapna P and Venkata Subramanyam Chakkilam, one of the promoters of Cigniti, also sold shares in the company.
A total of 46.18 lakh shares of Cigniti were divested by Kukunuru Madhava Lakshmi, Kukunuru Kumar Bapuji, Sapna, and Chakkilam at the same price point. Shares of Cigniti Technologies fell 1.28% to close at Rs 1,367.20 per share on the NSE.
On Thursday, Coforge acquired an 11% stake in Cigniti Technologies for Rs 426 crore. In May this year, Coforge’s board of directors approved the acquisition of a 54% stake in Cigniti Technologies. Coforge has entered into a share purchase agreement with the promoters and select public shareholders of Cigniti, subject to the execution of definitive agreements and completion of certain identified conditions precedent.
Last week, the Competition Commission of India cleared Coforge’s proposal to acquire a majority stake in Cigniti Technologies. Baring Private Equity Asia-promoted Coforge is an IT and IT-enabled services (ITES) provider.