Coforge picks up remaining 20% stake in Coforge Business Process Solutions

23 Jun 2023 , 11:10 AM

Coforge Limited announced that it has picked up a 20% stake in Coforge Business Process Solutions Private Limited for a consideration of Rs 336.94 crore.

Earlier on April 12, 2021, and April 28, 2021, the company acquired 60% of the total issued and paid-up share capital of the Coforge Business Process Solutions.

Coforge stated in its exchange filing, “The Audit Committee and Board duly approved the acquisition in April 2021. As per the terms and conditions of the shareholder’s agreement, this is the only additional purchase.”

The company said that Coforge Business Solutions reported a consolidated turnover of Rs 649 crore for the financial year ended March 31, 2023.

According to Ind AS, Coforge Business Process Solutions’ consolidated revenues for the three fiscal years FY2021, FY2022, and FY2023 were Rs 546 crore, Rs 679 crore, and Rs 649 crore, respectively.

Coforge Business Process Solutions Private Limited was founded on May 24, 2001. It is a non-government company that is registered in Pune. It is involved in software publishing, supply, and consulting.

At around 11.04 AM, Coforge was trading 0.49% lower at Rs 4,512.40 per piece, against the previous close of Rs 4,534.70 on NSE. The counter touched an intraday high and low of Rs 4,532 and Rs 4,471.30 respectively.

For feedback and suggestions, write to us at [e-mail]