IT company Coforge Ltd said that it has acquired a 20 per cent stake in Coforge Business Process Solutions Private Ltd for Rs 336.94 crore. “This is to inform you that the company has acquired the final tranche shares of balance 20 per cent equity shares in the subsidiary thereby aggregating its shareholding to 80 per cent of the total paid up share capital of Coforge Business Process Solutions Pvt Ltd,” the company said in a regulatory filing.
Coforge had acquired the equity shares equivalent to 60 per cent of the total issued and paid up share of Coforge Business Process Solutions on April 12, 2021 (first intimation) and April 28, 2021 (second intimation). In the stock exchange filing, the company informed that the balance 20 per cent of the total issued share of Coforge Business Process Solutions were to be purchased after 2 years from the closing date of tranche 1. “The balance 20 per cent equity shares were to be purchased on or before June 30, 2023. The Company has completed the acquisition of the balance 20 per cent stake,” it said.
On a consolidated basis, Coforge Business Process Solutions posted a turnover of Rs 649 crore, for the year ended March 2023, the company informed. It had posted revenues for FY2021 and FY2022 at Rs 546 crore and Rs 679 crore respectively.
The company had reported net profit of Rs 116.7 crore for the fourth quarter of FY23, down 48.08 per cent as against Rs 224.8 crore in the same quarter last year. Revenue from operations was at Rs 2,170 crore, up 24.50 per cent in comparison to Rs 1,742.9 crore in Q4FY22.