Coforge buys 17% stake in Cigniti Technologies for Rs 645 cr via block deal

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IT company Coforge on Friday bought a 17 per cent stake in Cigniti Technologies for Rs 645 crore through open market transactions.

According to the block deal data available with the BSE, Coforge purchased a total of 46,18,199 shares or 16.9 per cent stake in Cigniti Technologies.

The shares were acquired at an average price of Rs 1,398.5 apiece, taking the transaction value to Rs 645.85 crore.

Meanwhile, Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji, public shareholders of Cigniti Technologies have exited the firm by selling their entire 6.83 per cent stake in the firm.

In addition, Sapna P and Venkata Subramanyam Chakkilam, one of the promoters of Ciginiti, also offloaded shares in the company.

A total of 46.18 lakh shares of Cigniti were sold by Kukunuru Madhava Lakshmi, Kukunuru Kumar Bapuji, Sapna and Chakkilam at the same price.

Shares of Cigniti Technologies fell 1.28 per cent to close at Rs 1,367.20 per piece on the NSE.

On Thursday, digital services and solutions provider Coforge acquired an 11 per cent stake in IT company Cigniti Technologies for Rs 426 crore.

In May this year, Coforge said its board of directors had approved the acquisition of a 54 per cent stake in Cigniti Technologies.

Coforge has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti, subject to execution of definitive agreements and completion of certain identified conditions precedent.

Last week, the Competition Commission of India cleared IT firm 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.