Coforge Limited has informed the Exchange about approval of second amendment agreement to the SSPA
COFORGE · price
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Coforge Limited's Board has approved multiple key items at its April 23, 2026 meeting. The company has entered into a second amendment to the Share Subscription and Purchase Agreement (SSPA) for the acquisition of Encora US Holdco, Inc. and Encora Holdings Limited, clarifying funding terms. The Board also approved a USD 550 million secured loan facility from major international banks (JPMorgan, Bank of America, Citibank, HSBC, BNP Paribas) at 4.6% fixed interest rate for 3 years. Additionally, 93,796,508 equity shares have been allotted to Encora Holdco Limited and AI Altius Parent (Cayman) Limited at INR 1,815.91 per share, increasing paid-up capital from INR 67.17 crore to INR 85.93 crore. Two directors from Advent Private Equity (Shweta Jalan and Atin Hirachand Jain) have been appointed as non-executive directors. The Encora acquisition has been completed as per the SSPA.
The acquisition significantly increases Coforge's share count by 28%, diluting existing shareholders. The USD 550 million debt increases leverage. The appointment of Advent-linked directors may signal future corporate actions or investor activism.