Coforge, previously identified as NIIT Technologies, declared its intent to raise Rs 3,200 crore in funds. This determination emerged following a board meeting convened on Saturday, March 16, according to a company statement submitted to the exchange.
This decision comes in the wake of Coforge’s withdrawal of plans for a $750 million initial public offering (IPO) in the United States. The company has opted for alternative fundraising avenues, including qualified institutional placement (QIP) or any other permissible modes in accordance with applicable laws.
However, the implementation of these measures is contingent upon obtaining requisite approvals, including those from shareholders and regulatory bodies, as highlighted by the company in an exchange filing on March 16.
Coforge stock performance in last one year
In terms of stock performance, Coforge shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has shed over 16% return, showcasing a strong selling pressure but in the last six months have seen given a positive return of 5%.
Year-to-date, Coforge shares have plunged by 9%, reinforcing the stock’s negative momentum in the current calander year. Looking at the broader picture, the stock has delivered an impressive return of over 50% in the last twelve months.