Intimation under Regulation 30
COFORGE · price
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NCLT Chandigarh Bench has approved the merger of Cigniti Technologies Limited into Coforge Limited with appointed date April 1, 2025. The share exchange ratio is 1:1 (1 Coforge share of INR 2 for every 1 Cigniti share of INR 10). Cigniti will be dissolved without winding up upon the scheme becoming effective. Coforge had already acquired 54% stake in Cigniti (72.35 lakh shares for INR ~10,239 million between Oct-Dec 2024). Post-acquisition, Cigniti's EBITDA margins expanded from ~11% to ~19% over five quarters. The top two clients scaled from ~$25 million annual revenue to ~$75 million. Coforge has signed large deals of $24M and $62M within six and nine months of acquisition respectively. The combined entity becomes a $2.5 billion firm with $2 billion enterprise core of AI-led Engineering, Data and Cloud services.
This is positive for Coforge shareholders as the completed acquisition provides operational synergies (margin expansion to 19%), significant client growth, and expands the company's scale to $2.5 billion. The scheme received overwhelming stakeholder approval across all classes and all regulatory clearances including NCLT sanction.