Coforge Limited signed a share purchase agreement to acquire 32.77% stake in Cigniti Technologies Limited from Chakkilam Venkata Subramanyam, Chakkilam Srikanth, Rajeswari Chakkilam, Pennam Sudhakar and Sapna Pennam for INR 12.7 billion.

Coforge Limited (NSEI:COFORGE) signed a share purchase agreement to acquire 32.77% stake in Cigniti Technologies Limited (BSE:534758) from Chakkilam Venkata Subramanyam, Chakkilam Srikanth, Rajeswari Chakkilam, Pennam Sudhakar and Sapna Pennam for INR 12.7 billion on May 2, 2024. Under the terms, Coforge will acquire 8.95 million share at INR 1415 per share. The transaction was approved by the Board of Directors of Cigniti Technologies.

The transaction is subject to execution of definitive agreements, approval from the Competition Commission of India, approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other regulatory approvals. The transaction is expected to complete by Q2 of FY25.