Coforge jumps as its arm to enter into asset purchase agreement with OptML
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Coforge is currently trading at Rs. 6207.85, up by 136.30 points or 2.24% from its previous closing of Rs. 6071.55 on the BSE.
The scrip opened at Rs. 6081.60 and has touched a high and low of Rs. 6334.55 and Rs. 6022.65 respectively. So far 54054 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 6840.00 on 19-Feb-2024 and a 52 week low of Rs. 4291.05 on 09-May-2024.
Last one week high and low of the scrip stood at Rs. 6334.55 and Rs. 5808.05 respectively. The current market cap of the company is Rs. 41225.42 crore.
The Institutions and Non-Institutions held 88.73% and 11.27% stake in the company respectively.
Coforge’s wholly owned step-down subsidiary -- Coforge DPA NA Inc. has planned to enter into an asset purchase agreement with OptML Inc. and its shareholders to acquire customer contracts, key managerial personnel, employees and sub-contractors/vendors of OptML Inc. (collectively, the Asset Purchase Agreement) subject to completion of conditions precedent as per Asset Purchase Agreement.
The Company is acquiring customer contracts, key managerial personnel, employees and sub-contractors/vendors of OptML Inc. with initial payout of $6.6 million for 51% stake and remaining to be paid based on achievement of financial performance as Revenue and EBITDA multiples as per Asset Purchase Agreement. The consideration will be paid in multiple tranches by March 2028.
Coforge (Formerly known as NIIT Technologies) is a leading global IT solutions organization, enabling its clients to transform at intersect of unparalleled domain expertise and emerging technologies to achieve real-world business impact.
