India: Baring Private Equity Asia sells 6.27% stake in Coforge for $118m

A generic picture of a woman working in an office sitting at her desk typing on a computer. REUTERS/Catherine Benson/Files

Hulst BV, part of private equity investor Baring Private Equity Asia (BPEA), on Monday sold 38 lakh shares or 6.27% of Coforge Ltd, earlier known as NIIT Technologies, for 878 crore through block deals.

As per data available on the NSE and the BSE, Hulst BV offloaded a total of 38 lakh shares. On the NSE, it sold 29 lakh shares at an average price of 2,310.56 valuing the deal at more than 670 crore. It offloaded 9 lakh shares at an average price of 2,312.03 on the BSE for 208 crore.

As per the latest shareholding pattern, Hulst B V held a 70.28% stake in the company.

In April 2019, Baring Private Equity Asia signed pacts to acquire a 30% stake in NIIT Technologies for 2,627 crore. The PE firm paid as much as 2,262 crore more to acquire another 26% through the open offer route. The PE firm currently holds a 70.1% stake in the company, stock-exchange data shows.

From the beginning of the year, shares of Coforge gained 39% against a fall of 3% in the benchmark index, Sensex. From March lows, the stock almost tripled while Sensex is up 57%.

Coforge Ltd reported a marginal rise in consolidated net profit to 120.7 crore for the second quarter ended 30 September, against 119.5 crore in the July-September quarter last year, consolidated gross revenue rose 11.1% to 1,153.7 crore in the quarter from from 1,038.5 crore in the year-ago period.

Shares of Coforge lost 7.30% to Rs2,207.30 per share, while the benchmark Sensex fell 1.33% to close at 40,145.50 points on Monday.

This article was first published in livemint.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.