Under the block deal, Hulst BV will offload 1.62 crore shares and the deal value is estimated around Rs 7,400 crore. Hulst BV is owned by private equity firm Baring PE.
Earlier in May, Hulst BV had sold 3.5% stake in Coforge through the open market for Rs 887 crore. The private equity firm has been offloading stake in tranches in the company over the last 2-3 years.
Baring PE had taken over Coforge, earlier known as NIIT Technologies, in 2019. Then, it held a 70% stake in the company.
In February this year, the private equity firm sold a significant 9.8% stake in the software company for Rs 2,430 crore.
The company is majority owned by public shareholders with 73.37% stake, while promoters have the rest 26.63%. Among the public shareholders, mutual funds are sitting with a significant stake of 27% and foreign investors hold about 24%.
India’s largest life insurer Life Insurance Corporation of India (LIC) also owns 6.% in the company, at the end of June quarter.Coforge posted a higher first-quarter profit and reiterated its full-year revenue growth forecast, driven by a strong increase in orders.
Consolidated net profit rose 10% to Rs 165 crore ($20.1 million) in the quarter ended June, while revenue rose nearly 21% to Rs 2,221 crore.
Noida-based Coforge’s order intake for the quarter rose to $531 million, from $315 million last year.
On Wednesday, the company’s shares closed 1.35% lower at Rs 4,894 on NSE. So far this year, the shares have rallied nearly 24% on a year-to-date basis.