Baring PE to offload entire stake in Coforge for Rs 7,683 crore

25 Aug 2023 , 10:32 AM

On Thursday, promoter Baring PE sold its whole investment in IT services company Coforge through its affiliate Huslt BV in bulk agreements.

According to market statistics, Hulst BV sold 26.6% of its shareholding, or 1.62 lakh shares, for Rs 4,722 each, aggregating over Rs 7,683 crore.

Furthermore, trade data revealed that prestigious funds such as Morgan Stanley, ICICI Pru Life, Kotak Funds, SBI MF, and SmallCap World Fund purchased a stake in the company.

Hulst BV had previously sold a 3.5% stake in Coforge in the open market for a consideration of Rs 887 crore in May. Over the previous 2-3 years, the private equity group has sold off stakes in the company in tranches.

In 2019, Baring PE acquired Coforge, formerly known as NIIT Technologies. Following which, it held a 70% stake in the company. The private equity fund sold a 9.8% stake in the software company for Rs 2,430 crore in February this year.

The company is 73.37% owned by public shareholders, with promoters owning the remaining 26.63%. Mutual funds possess a strong 27% holding among public shareholders, while overseas investors own approximately 24%.

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