Through the issuance of shares to qualified institutional shareholders, or a Qualified Institutional Placement (QIP), Coforge will raise these funds.
Following its board meeting on Saturday, March 16, Coforge Ltd., formerly known as NIIT Technologies, approved collecting funds up to ₹3,200 crore, the firm announced in an exchange filing.
Through the issuance of shares to qualified institutional shareholders, the company will raise these funds through a Qualified Institutional Placement (QIP). Dates, prices, and specifics of the QIP are still pending. Following the December quarter reports in January, Sudhir Singh of Coforge stated in an interview that the company would meet its growth estimate of 13% to 16% for the fiscal year 2024.
He stated that there was nothing to indicate a significant increase in demand and that the demand environment remained challenging. In addition, Singh stated that he does not see any changes to the demand scenario in the fiscal year 2025.
The company announced its plan in June of last year to double its sales to $2 billion by the end of the 2028 fiscal year from $1 billion in the previous one.
On February 20, brokerage firm Jefferies increased its price objective for Coforge to ₹7,650 while keeping its “buy” recommendation. Coforge’s stock has increased by 56% over the past 12 months and has since corrected by 10% from its recent top of ₹6,847.
Coforge is a global provider of digital services and solutions that uses deep domain knowledge and cutting edge technologies to give its clients tangible business results. We have a unique perspective because of our exclusive focus, in-depth knowledge of the fundamental workings of those businesses, and alliances with top platforms. Utilizing its product engineering methodology, Coforge takes the lead in transforming client businesses into intelligent, rapidly expanding corporations by utilizing Cloud, Data, Integration, and Automation technologies. Across all of its primary sectors, Coforge’s patented platforms fuel vital business operations. With 26 distribution sites spread over nine nations, the company is present in 21 countries.
