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BPEA sells Coforge stake for ₹7,684 cr
Mint Mumbai
|August 25, 2023
BPEA EQT on Thursday sold its entire 26.63% stake in Coforge Ltd (formerly NIIT Technologies) for ₹7,684 crore to multiple investors through bulk deals, leaving the software services firm without a promoter and the first of its kind to be entirely owned by public investors.
The block deals in the software services firm boosted its stock by around 10% to ₹5,391 on Thursday, with the transactions drawing marquee investors such as SBI Mutual Fund, Aditya Birla Mutual Fund, Capital Group and Kotak Mahindra Group.
Coforge is a professionally managed company, and hence, no identifiable promoter is a good thing, said an analyst. “That’s how a lot of matured companies in the US are. They are all 100% publicly owned. Besides, now the large mutual funds and other shareholders will sit on the board, which is a positive," the analyst said on condition of anonymity.
BPEA sold its 16.27 million shares at ₹4,722.15 each in a series of bulk deals. The shares were sold at a 4% discount to Coforge’s Wednesday closing price of ₹4,913.1.
SBI Mutual Fund, the country’s largest asset management company, bought 4.2% of Coforge for ₹1,213.84 crore in Thursday’s transaction.
This story is from the August 25, 2023 edition of Mint Mumbai.
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