Coforge Ltd board approves fund raising through depository receipts or QIP

The Board of Directors of Coforge Limited (the "Company" and such board the "Board") at its meeting held today i.e., July 06, 2021 has approved subject to applicable laws and receipt of shareholders and other necessary approvals:

- the fresh issuance of equity shares ("Equity Shares") by the Company for the purpose of capital raising including by way of a depository receipts issue or a Qualified Institutions Placement or any other mode subject to a limit of an amount not exceeding Rs. 3,750 million; or
- to undertake an issuance of depository receipts (American Depository Receipts or Global Depository Receipts listed on recognized stock exchanges i.e. either NYSE and / or NASDAQ and / or any other overseas exchange) in one or more tranches through: (i) a transfer of existing Equity Shares by eligible shareholders of the Company not exceeding 18,500,000 Equity Shares of the Company; or (ii) a fresh issue of Equity Shares by the Company within the abovementioned overall limit of Rs 3,750 million (Rupees Three Thousand Seven Hundred Fifty million only) that may be permitted for capital raising by the Company through various modes; or (iii) a combination of (i) and (ii), as decided by the Board in accordance with Applicable Laws.

The Board has also decided to take the approval of the shareholders of the Company at the ensuing Annual General Meeting of the members of the Company to be held on Friday, July 30, 2021 for the above mentioned fundraising activities.

Shares of Coforge Limited was last trading in BSE at Rs.4215 as compared to the previous close of Rs. 4198.25. The total number of shares traded during the day was 56117 in over 2527 trades.

The stock hit an intraday high of Rs. 4279 and intraday low of 4180.9. The net turnover during the day was Rs. 236577835.

Source : Equity Bulls

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