Coforge's promoter sells 10% stake in IT firm for Rs 2,560 crore

Hulst BV, the promoter of Coforge Ltd (formerly NIIT Technologies), on Thursday offloaded nearly 10 per cent stake in the IT company for an estimated amount of Rs 2,560 crore through open market transactions.

According to bulk deal data available with BSE, Hulst BV sold a total of 60 lakh shares, aggregating to 9.85 per cent stake in the company.

It divested the counter at a price between Rs 4,261.15 and Rs 4,273.24 apiece, taking the transaction size to Rs 2,560 crore, the data showed.

Meanwhile, Societe Generale and Nomura India Investment Fund Mother Fund picked up 4.86 lakh shares and 4.67 lakh shares of Coforge, respectively.

As of December 2021, Hulst BV held 3.04 crore shares or 49.97 stake in the company, shareholding data with the exchange showed.

Following the deal, Coforge stock plunged 6.56 per cent to settle at Rs 4,256.50 on BSE. During the trading session, the scrip touched a low of Rs 4,230 and a high of Rs 4,350.

In January this year, Coforge announced over 50 per cent rise in consolidated net profit at Rs 183.7 crore for December 2021 quarter and has revised its annual revenue growth outlook to around 37 per cent.

The company had posted a net profit of Rs 122 crore in the year-ago period, Coforge said.

In addition, revenue from operations rose to Rs 1,658.1 crore in the quarter under review from Rs 1,190.6 crore in the year-ago period.