“The proposed transaction relates to the acquisition of at least 50.21% and up to 54% shareholding on a fully diluted basis of Cigniti by Coforge…,” it said in a statement.
On May 2, the Coforge board had approved the acquisition of a 54% stake in Cigniti at Rs 1,415 per share. Coforge hopes the acquisition will help it drive its revenue to $2 billion by FY27 from $1.12 billion in FY24.
The CCI’s approval follows the execution of share purchase agreements and mandatory open offer in accordance with the relevant Sebi rules, the regulator said.
Nod for Mitsui-Sneha Farms deal
In a separate statement, the regulator said it has approved Mitsui & Co’s acquisition of certain equity shares of poultry player Sneha Farms.
Discover the stories of your interest
Mitsui, listed on the Tokyo Stock Exchange, is engaged in various business areas, including energy, infrastructure projects, mobility, iron & steel products, food and IT & communication. It has offices and overseas trading affiliates in 61 countries and regions.“The proposed transaction relates to Mitsui’s proposed acquisition of certain equity shares of Sneha Farms by way of a combination of primary subscription and secondary purchase,” the CCI said.
Sneha Farms has two subsidiaries–Sneha Gold Proteins and Singh Poultry. It covers a wide range of activities–from poultry breeding to the distribution of such products.