Coforge tumbles after 10% shares change hands; Baring PE likely seller

The private equity firm had acquired stake in the IT company in 2019. It currently holds 40 percent promoter stake

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About 60 lakh shares, equating to 9.8 percent stake in Coforge Limited, changed hands through a block deal window on February 13. While the buyers and sellers were not known immediately, it was reported earlier that Hulst BV, an entity controlled by Baring Private Equity, will sell some stake.

Following the block deal, the stock opened 5 percent lower around Rs 4,100 per share amid heavy volumes.

Sources informed CNBC-Awaaz on February 11 that the base size of the deal would be 4.9 percent, with a greenshoe option to an upsize up to 9.8 percent.

The block deal was to take place at a 7 percent discount to the stock’s closing price of Rs 4,330 per share on February 11. At 9.8 percent, the deal amount will be Rs 2,600 crore, sources said.