The shares were acquired at an average price of Rs 1,398.5 per share, making the transaction value Rs 6,458.5 crore.
Meanwhile, Cigniti Technologies’ public shareholders Kukunuru Madhava Lakshmi and Kukunuru Kumar Bapuji have exited the company by selling their entire 6.83% stake in the company.
Additionally, Sapna P and Venkata Subramanyam Chakkilam, co-founders of Ciginiti, have also sold their shares in the company.
Four people — Kukunur Madhava Lakshmi, Kukunur Kumar Bapuji, Sapna and Chakkiram — sold a total of 4.618 million Signity shares at the same price. Signity Technologies shares fell 1.28 per cent to close at Rs 1,367.20 per share on the NSE. Digital services and solutions provider Coforge on Thursday acquired an 11 per cent stake in IT company Signity Technologies for Rs 4,260 crore. In May this year, Coforge had said its board of directors had approved the acquisition of a 54 per cent stake in Signity Technologies.
Coforge has agreed to enter into a share purchase agreement with Cigniti’s promoters and certain public shareholders, subject to the execution of definitive agreements and the completion of certain precedent conditions.
Last week, the Competition Commission of India approved IT company Coforge’s proposed acquisition of a majority stake in Signity Technologies.
Promoted by Baring Private Equity Asia, Coforge is an IT and IT-enabled services (ITES) provider.
