As per CNBC – “Hong Kong based private equity firm Barings PE is likely to sell stake in infotech firm Coforge Ltd, which was previously known as NIIT Technologies Ltd, sources told CNBC Awaaz. The sale is likely to be done through a block deal and and fund houses have been approached for their interest in the deal.
The private equity firm is looking to sell shares worth Rs 1,200 crore with a greenshoe option, which allows for the underwriters to sell additional shares if there is high demand, according to the sources.”
This would amount to Barings PE selling about 10-12% stake in the Company. The fund held 39.99% stake in the company as of 31 December 2022.
Business Standard reported – “The shares offered are worth Rs 1,300 crore, with a greenshoe option of equivalent value, taking the total deal size to Rs 2,600 crore.”
In another update: Company announced its partnership with Denodo, a leading data integration, management and delivery platform, to enable banks and other financial organizations to engage in agile modernization projects without affecting daily operations. Under the partnership, Denodo will bring its logical data integration and data management approach, powered by data virtualization, while, Coforge will bring its design and implementation expertise at BFSI clients, enabling companies to overcome challenges like security, compliance, systemic risks, downtime, and data migration quality, so they can gain the necessary agility to engage in migration or modernization projects in response to diverse business needs.
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