Hulst BV, the promoter of Coforge Ltd, a midcap IT company formerly known as ‘NIIT Technologies’, is set to divest its entire 26.63% stake in the company through a block deal. As per reports from CNBC Awaaz, the proposed floor price for this sale stands at Rs 4,550 per share, which is approximately 7% lower than the current market price of Rs 4,894.
Hulst BV’s Strategic Divestment
Hulst BV, a Netherlands-registered entity affiliated with Baring Private Equity Asia, intends to sell 1.62 crore shares in this block deal, translating to a deal size of around Rs 7,400 crore.
Deal Details and Affiliation
The history of Hulst BV’s involvement with Coforge Ltd dates back to its acquisition of a stake in 2019. However, over time, Hulst BV’s stake has been diluted through various stake sales. This move marks another step in the promoter’s divestment strategy.
Revenue Growth and Quarter Performance
In the April-June quarter, Coforge Ltd witnessed a sequential revenue growth of 2.4%, amounting to $271.8 million. The company’s revenue growth in constant currency stood at 2.7%, slightly below the anticipated growth of 3.5%. In terms of Indian rupees, Coforge reported revenue of Rs 2,221 crore in the June quarter, as compared to Rs 2,170 crore in the previous quarter, according to a filing with the stock exchange on July 20.
