CCI: CCI approves IT services firm Coforge’s stake purchase in Cigniti

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The Competition Commission of India (CCI) has cleared the acquisition of a majority stake in Cigniti Technologies (Cigniti) by Noida-headquartered IT services firm Coforge, the antitrust regulator said on Tuesday.

“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.

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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.

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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.



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CCI: CCI approves IT services firm Coforge’s stake purchase in Cigniti


The Competition Commission of India (CCI) has cleared the acquisition of a majority stake in Cigniti Technologies (Cigniti) by Noida-headquartered IT services firm Coforge, the antitrust regulator said on Tuesday.

“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.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
MIT xPRO MIT Technology Leadership and Innovation Visit
Indian School of Business Professional Certificate in Product Management Visit
Indian School of Business ISB Product Management Visit

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.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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