Receipt of observation letter with no adverse remarks from NSE and BSE
Awaiting price reaction for this filing.
Cigniti Technologies has received 'no adverse observations' from BSE and 'no objection' from NSE on its proposed merger with Coforge Limited, clearing a key regulatory hurdle. The scheme, first announced on December 27, 2024, proposes amalgamation of Cigniti (Transferor Company) into Coforge (Transferee Company) under Sections 230-232 of the Companies Act, 2013. Both stock exchanges have issued observation letters with standard SEBI-mandated disclosures and compliance requirements. The observation letters are valid for six months, within which the company must file the scheme with the National Company Law Tribunal (NCLT). The merger still requires approval from NCLT, shareholders, and creditors of both companies.
This is a positive procedural milestone, moving the Cigniti-Coforge merger closer to completion. Shareholders of Cigniti should watch for the upcoming NCLT filing and shareholder/creditor voting process, which will determine the final share swap ratio and timeline for amalgamation.