Baring PE Asia sells 5.12% stake in Indian IT services firm Coforge for $137m

Photo: Pramugdha Mamgain/DealStreetAsia

Baring Private Equity Asia (BPEA) on Wednesday sold a 5.12% equity stake in IT services firm Coforge Ltd, aggregating to 1008 crore via an open market transaction.

Hulst BV, an entity controlled by Baring, sold 31 lakh shares at an average price of 3,250.58 per share aggregating to 1007.68 crore, bulk deals data available on the exchanges showed.

According to the latest shareholding pattern Hulst BV held 63.99% stake or about 3.88 crore equity shares in Coforge.

Last week, Hulst BV sold 3.14% stake in the company for 616 crore and in October 2020, it again sold 6.27% or 29 lakh shares totalling 878 crore.

Coforge Ltd reported a 17% rise in consolidated net profit at 133 crore for the quarter ended March 2021 against a net profit of 113.6 crore in the year-ago period. Revenue from operations rose 13.7% to 1,261.5 crore in the January-March quarter of 2021 over 1109.30 crore in the year-ago period.

From the beginning of the calendar year, shares of Coforge have gained 20.26% against a rise of 4.51% in the benchmark index, Sensex.

Shares of Coforge closed 2.09% higher at 3433.20 apiece on Wednesday on the BSE, while the benchmark index, Sensex lost 0.58% to close at 49,902.64 points.

The article was first published on livemint.com.

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.