Coforge board approves proposal to raise Rs 375 cr via various instruments

IT firm Coforge Ltd, erstwhile NIIT Technologies, on Tuesday said its board has approved plans to raise up to Rs 375 crore through various instruments.

"The board has approved subject to applicable laws and receipt of shareholders and other necessary approvals the fresh issuance of equity shares by the company for the purpose of capital raising, including by way of a depository receipts issue or a Qualified Institutions Placement (QIP) or any other mode, subject to a limit of an amount not exceeding Rs 375 crore," Coforge said in a regulatory filing.

The company said it has received board approval to raise funds through QIPs or to undertake an issuance of depository receipts (American Depository Receipts or Global Depository Receipts) in one or more tranches through a transfer of existing equity shares by eligible shareholders, not exceeding 18,500,000 equity shares or a fresh issue of shares by the company within the overall limit of Rs 375 crore.

Further, the company said its board has also decided to take the shareholders' approval at the ensuing annual general meeting of the members of the company to be held on Friday, July 30, 2021, for the mentioned fund-raising activities.