Cigniti Technologies Limited has informed the Exchange about Pronouncement of order approving Scheme of Amalgamation under sections 230 to 232 of the Companies Act, 2013 by the Hon ble National Company Law Tribunal, Chandigarh Bench ( NCLT )
Awaiting price reaction for this filing.
The Hon'ble NCLT Chandigarh Bench has approved the Scheme of Amalgamation merging Cigniti Technologies Limited into Coforge Limited, with appointed date April 1, 2025. Cigniti shareholders will receive 1 equity share of Coforge (INR 2 face value) for every 1 share of Cigniti (INR 10 face value), an economically equivalent adjustment following Coforge's stock split. The swap ratio was recommended by PwC and KPMG, confirmed fair by JM Financial and Axis Capital. Cigniti will be dissolved without winding up upon the scheme becoming effective. Coforge already held 54% of Cigniti's share capital as of December 2024. The scheme received near-unanimous stakeholder approval (99.95%+ in value) and no objections from shareholders or creditors.
Cigniti Technologies shareholders will receive Coforge shares at 1:1 ratio and eventually see their stock delisted. Coforge gains full control and absorbs all assets, liabilities, employees, and ongoing legal proceedings of Cigniti, consolidating its position in the IT services sector.