Coforge’s share price jumped more than 2% on August 24 after 1.54 crore shares worth Rs 7,329.3 crore changed hands in a block deal. As of 9:50 am, the stock is listed at Rs 5,027 on the NSE, up 2.32% from the previous close.
Although the buyer and seller were not immediately known, CNBC-Awaaz previously reported, citing sources, that Hulst BV was looking to sell its entire roughly 26% stake in the machine company. medium size.
The deal floor can be set at Rs 4,550 per share, down 7.4% from the August 23 closing price of Rs 4,901.95.
Hulst BV, registered in the Netherlands, is owned and controlled by funds affiliated with BPEA (Baring Private Equity Asia). In early May, Hulst BV sold 3.5% stake in Coforge for Rs 887 crore through open market trading. The shares sold at an average price of Rs 4,125.44 per share. In February of this year, Hulst BV sold a 9.8% stake in the IT company.
The private equity firm acquired shares of the mid-sized IT company in 2019. At the end of the third quarter of 2021, the company held a 63.99% stake in Coforge, which subsequently declined due to the sale. participation part. According to ESB data, at the end of June 2023, Hulst BV holds a 26.63% stake in the company.
In addition, Coforge announced on August 24 the launch of its new artificial intelligence platform, Quasar, designed to advance the AI capabilities of companies.
Coforge Quasar comes pre-installed with a full suite of more than 100 APIs, ready for integration, it said in a swap file. With its modular and scalable architecture, the AI platform provides more than 100 predefined general and cognitive use cases, making it easy to build out-of-the-box solutions, the company says. .
Coforge’s revenue grew 2.4% sequentially in the April-June quarter to $271.8 million. Coforge saw its revenue grow 2.7% in constant currencies, down from an expected sequential growth of 3.5%. In terms of rupees, the company reported revenue of Rs 2,221 crores in the June quarter compared with Rs 2,170 crores in the previous quarter, Coforge said in a securities filing July 20.
However, the mid-sized IT services company reported a 43.9% increase in net profit to Rs 165.3 crore as it had to plan a one-time expenditure of Rs 52.3 crore for the March quarter.
The company’s shares ended down 1.18% at Rs 4,901.95 at BSE on August 23. Up to this point, the stock is up 24% this year.
