Asia’s largest private equity firm, Baring Private Equity Asia (BPEA) on Monday sold 38 lakh shares around 6.27% of Coforge Ltd., earlier known as NIIT Technologies through block deals for Rs 878 crore.
Hulst BV, part of private equity investor has offloaded a total of 38 lakh shares as per the data available on NSE and BSE. Hulst BV sold 29 lakh shares of Coforge Ltd. at an average price of Rs 2,310.56 valuing it for more than Rs 670 crore, on NSE and has sold 9 lakh shares at an average price of Rs 2,312.03 for Rs 208 crore on BSE. Now, Hulst B V held a 70.28% stake in the company, as per the latest shareholding pattern.
In April 2019, BPEA has inked pact to acquire 30 per cent stake in NIIT Technologies for Rs 2,627 crore. The firm has paid as much as Rs 2,262 crore for acquiring another 26 per cent in the company through an open offer route. BPEA then holds a stake of 70.1 per cent stake in the company, as per the data available on exchange.
Since the beginning of the year, shares of the Coforge Ltd. gained 39 per cent, against a fall of 3 per cent in the benchmark index, Sensex. From its March lows, the share prices almost tripled while Sensex is up 57 per cent.