Coforge share price gained over 2 percent on August 24 after 1.54 crore shares worth Rs 7,329.3 crore changed hands in a block deal. At 9:50 am, the stock was quoting at Rs 5,027 on the NSE, higher by 2.32 percent from previous close.
While the buyers and sellers were not known immediately, CNBC-Awaaz had earlier reported citing sources that Hulst BV was looking to offload its entire ~26 percent stake in the mid-sized IT firm.
The floor price of the deal was likely fixed at Rs 4,550 per share, at a 7.4 percent discount to August 23 closing price of Rs 4,901.95.
The Netherlands-registered Hulst BV is owned and controlled by funds affiliated with BPEA (Baring Private Equity Asia).
Earlier in May, Hulst BV divested a 3.5 percent stake in Coforge for Rs 887 crore through an open market transaction. The shares were disposed of at an average price of Rs 4,125.44 apiece.
Also Read: Coforge posts healthy Q1 earnings; brokerages upbeat
In February this year, Hulst BV offloaded a 9.8 percent stake in the IT company.
The private equity firm had acquired a stake in the mid-tier IT company in 2019. It held a 63.99 percent stake in Coforge at the end of the March 2021 quarter, which was brought down subsequently via stake sales.
At the end of June 2023, Hulst BV held a 26.63 percent stake in the firm, as per BSE data.
In other news, Coforge on August 24 announced the launch of a new artificial intelligence platform, Quasar, which is designed to build enterprise AI capabilities
Coforge Quasar comes pre-loaded with a comprehensive set of 100+ APIs, which are readily available for integration, it said in an exchange filing. Featuring a modular and scalable architecture, the AI platform boasts an array of 100+ pre-built cognitive and generative use cases, facilitating the creation of out-of-the-box solutions, the company said.
Also Read: Coforge launches generative AI platform for enterprises
Coforge’s revenue increased 2.4 percent sequentially for the April-June quarter to $271.8 million. Coforge saw its revenue grow 2.7 percent in constant currency terms, lower than the expected 3.5 percent sequential growth.
In rupee terms, the company reported a revenue of Rs 2,221 crore in the June quarter against Rs 2,170 crore in the previous quarter, Coforge said in a stock exchange filing on July 20.
The mid-cap IT services player, however, reported a 43.9 percent jump in its net profit to Rs 165.3 crore, as the company had to provide for an exceptional expense of Rs 52.3 crore in the March quarter.
Shares of the company ended 1.18 percent lower at Rs 4,901.95 on the BSE on August 23. The shares are up 24 percent this year till date.
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