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Coforge to acquire 54% stake in Cigniti Technologies at Rs 1,415 per share
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Coforge's board of directors have approved the acquisition of a 54% stake in Cigniti Technologies at a per share price of Rs 1,415, the company on Thursday said in its filing to the exchanges. The acquisition process is expected to be completed by Q2FY25.
Coforge has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti subject to execution of definitive agreements and completion of certain identified conditions precedent, the filing said.
The acquisition of Cigniti will not only help Coforge grow into a $2 billion firm by FY27 but the ensuing synergies will help the latter improve its operating margins by 150 – 250 bps in this timeframe, the company claimed.
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