Coforge falls 3.5% ahead of board meeting to consider fund-raising plan

Coforge recently withdrew plans for an initial public offer worth $750 million in the US

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Shares of Coforge slipped 3.5 percent in early deals on March 14 after the IT services company announced that its board will meet on March 16 to consider plans to raise funds.

If approved, the funds will be raised through issuance of equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue or any other method or combination of methods as may be permitted under applicable laws.

At 9.43 am, Coforge was trading at Rs 5,969.10 on the NSE.

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The company has been in the news recently after it withdrew plans for an initial public offer worth $750 million in the US. The company filed for a US IPO in November 2021 but had not updated its prospectus since July 2022.

In an exchange filing earlier this month, the company said its board of directors had decided to scrap plans of offering American Depository Receipts.

“The principal purposes of this offering are to create a public market for our american depositary shares (ADS) and to facilitate our future access to the public equity markets. All ADSs sold in the offering will be on behalf of the selling shareholders. We will not receive any of the proceeds from the sale of the ADSs in this offering,” Coforge had said in its offer document.

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