Coforge shares trade lower after acquisition of subsidiary

The share touched a 52-week high of Rs 4,678 and a 52-week low of Rs 3,210 on 21 June, 2023 and 19 September, 2022, respectively.

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Coforge share prices fell in the early trade on June 23 after the company acquired the remaining stakes in Coforge Business Process Solutions.

Coforge had on April 12, 2021 intimated about proposed acquisition of equity shares equivalent to 80 percent of the total issued and paid-up share capital of Coforge Business Process Solutions.

Out of this, equity shares equivalent to 60 percent of the total issued and paid-up share capital of Coforge Business Process Solutions were purchased by the company in the first tranche.

The company intimated that balance 20 percent were to be purchased after two years from the first tranche closing date.

The company on June 22 said that it has acquired the final tranche shares of balance 20 percent equity shares in the subsidiary for Rs 3,369.40 million and thereby aggregating its shareholding to 80 percent of the total paid-up share capital of Coforge Business Process Solutions.

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At 9:26am, Coforge was quoting Rs 4,499.50, down Rs 25.90, or 0.57 percent, on the BSE.

The share touched a 52-week high of Rs 4,678 and a 52-week low of Rs 3,210 on June 21, 2023 and September 19, 2022, respectively. It is trading 3.82 percent below its 52-week high and 40.17 percent above its 52-week low.