Here's why shares of Coforge will be in focus on Monday, March 4

Shares of information technology company, Coforge, will be in focus on Monday, March 4, as it has decided not proceed with the proposed offering of American Depository Receipts (ADRs).

In an exchange filing dated March 2, the company said that the Board of Directors of the company has decided to not proceed with the proposed offering of American Depository Receipts, which had been approved vide their resolutions dated July 6, 2021 and November 15, 2021, and the special resolution of the shareholders of the company dated July 30, 2021.

"The company will be filing the appropriate applications with Securities Exchange Commission (SEC) to withdraw the Form F – 1 registration statement filed with the SEC," it added.

Shareholders of Coforge Ltd, formerly known as NIIT Technologies, were expected to sell securities worth as much as $750 million in the proposed ADRs offering in the US, as reported by Mint.

"The principal purposes of this offering are to create a public market for our ADSs and to facilitate our future access to the public equity markets. All ADSs sold in the offering will be on behalf of the selling shareholders. We will not receive any of the proceeds from the sale of the ADSs in this offering," Coforge had said in their offer document. 

Separately, Coforge has fixed March 8, 2024, as the record date for the payment of interest due on non-covertible debentures.