Hulst BV, the promoter of Coforge, on Thursday (10 March 2022) offloaded nearly 10% stake in the IT company for an estimated amount of Rs 2,560 crore through open market transactions.
According to bulk deal data on the BSE, Hulst BV sold a total of 60 lakh shares, aggregating to 9.86% stake, in Coforge.HULST BV sold 30 lakh shares at Rs 4,261.15 each. It sold another 30 lakh shares at Rs 4,273.24 per share.
Meanwhile, Societe Generale and Nomura India Investment Fund Mother Fund bought 4.86 lakh shares (0.8% equity) and 4.67 lakh shares (0.77% equity) of Coforge, respectively, at Rs 4,260 per share.
Following the deal, Coforge dropped 6.56% to settle at Rs 4,256.50 on Thursday.
As of December 2021, Hulst BV held 3.04 crore shares or 49.97 stake in the IT company.
Coforge is a leading global IT solutions organization. Its proprietary platforms power critical business processes across the financial services and travel industries.
On a consolidated basis, Coforge's net profit increased 25.2% to Rs 183.7 crore on 5.7% rise in revenue to Rs 1,658.1 crore in Q3 FY22 over Q2 FY22. Adjusted EBITDA in the third quarter was Rs 322.6 crore, up 10.4% QoQ and up 50.4% YoY. Adjusted EBITDA margin for the quarter expanded to 19.5%.
Shares of Coforge were currently up 0.31% at Rs 4269.60 on the BSE.
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