Shares of Coforge slipped 3.5 percent in early deals on March 14 after the IT services company announced that its board will meet on March 16 to consider plans to raise funds.
If approved, the funds will be raised through issuance of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue or any other method or combination of methods as may be permitted under applicable laws.
At 9.43 am, Coforge was trading at Rs 5,969.10 on the NSE.
Follow our market blog to catch all the live updates
The company has been in the news recently after it withdrew plans for an initial public offer worth $750 million in the US. The company filed for a US IPO in November 2021 but had not updated its prospectus since July 2022.
In an exchange filing earlier this month, the company said its board of directors had decided to scrap plans of offering American Depository Receipts.
"The principal purposes of this offering are to create a public market for our american depositary shares (ADS) 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 its offer document.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
