Baring Private Equity Asia sells 6.27% stake in Coforge Ltd for ₹878 crore1 min read . Updated: 26 Oct 2020, 10:14 PM IST
- As per data available on the NSE and the BSE, Hulst BV offloaded a total of 38 lakh shares
- In April 2019, Baring Private Equity Asia signed pacts to acquire a 30% stake in NIIT Technologies for ₹2,627 crore
nwMumbai: Hulst BV, part of private equity investor Baring Private Equity Asia (BPEA), on Monday sold 38 lakh shares or 6.27% of Coforge Ltd, earlier known as NIIT Technologies, for ₹878 crore through block deals.
As per data available on the NSE and the BSE, Hulst BV offloaded a total of 38 lakh shares. On the NSE, it sold 29 lakh shares at an average price of ₹2,310.56 valuing the deal at more than ₹670 crore. It offloaded 9 lakh shares at an average price of ₹2,312.03 on the BSE for ₹208 crore.
As per the latest shareholding pattern, Hulst B V held a 70.28% stake in the company.
In April 2019, Baring Private Equity Asia signed pacts to acquire a 30% stake in NIIT Technologies for ₹2,627 crore. The PE firm paid as much as ₹2,262 crore more to acquire another 26% through the open offer route. The PE firm currently holds a 70.1% stake in the company, stock-exchange data shows.
From the beginning of the year, shares of Coforge gained 39% against a fall of 3% in the benchmark index, Sensex. From March lows, the stock almost tripled while Sensex is up 57%.
Coforge Ltd reported a marginal rise in consolidated net profit to ₹120.7 crore for the second quarter ended 30 September, against ₹119.5 crore in the July-September quarter last year, consolidated gross revenue rose 11.1% to ₹1,153.7 crore in the quarter from from ₹1,038.5 crore in the year-ago period.
Shares of Coforge lost 7.30% to Rs2,207.30 per share, while the benchmark Sensex fell 1.33% to close at 40,145.50 points on Monday.