Coforge shares trade lower after mutual funds pick up 10.3% stake

Coforge Limited shares traded over 2 percent lower at Rs 5,266 in the early market hours on August 25 after a host of funds picked up 62.93 lakh equity shares, or a 10.3 percent stake, worth Rs 2,976 crore in the mid-sized IT company.

According to data, SBI Mutual Fund, Societe Generale – ODI, Smallcap World Fund Inc, Morgan Stanley Asia Singapore Pte, Kotak Funds – India Midcap Fund, ICICI Prudential Life Insurance Company, HDFC Mutual Fund, and Aditya Birla Sun Life Mutual Fund have purchased the shares on August 24.

The deal gains significance as promoter Hulst BV, owned by Baring Private Equity Asia, exited the company by selling the entire 1.62 crore equity shares or 26 percent stake, at an average price of Rs 4,722 per share, worth Rs 7,683 crore.

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Earlier in May, Hulst BV divested a 3.5 percent stake in Coforge for Rs 887 crore through an open market transaction.

The company has launched a Gen AI platform designed to build enterprise AI capabilities. The platform operates on a fully governed framework, incorporating process governance, Application Programming Interface (API) governance, and model governance within its foundation, the company said on August 24.

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