Shares of Coforge slumped over 6% today,

BY A STAFF REPORTER

Shares of Coforge slumped over 6% today, after a large deal of 6 mln shares amounting to nearly 10% stake in the company took place through the open market on BSE* 

The deal took place at 4,313.35 rupees, a discount of over 5% to Wednesday's close, for nearly 26 bln rupees. 

Hulst BV, an entity controlled by Baring Private Equity Asia, held a 49.97% stake in the information technology company as of Dec 31. 

Earlier, reports had said Baring Private Equity Asia will sell a stake in the company through a block deal at a discount. While the exact price band for the deal was unknown, the overall deal value was seen around 15-20 bln rupees.

It has been reducing its stake in the company, given in December 2019, it held a 70.11% stake in the company.

Strong volumes took place in the stock's counter following the large deal, as nearly 7 mln shares have changed hands on the BSE, significantly higher than the six-month average of 17,092 shares.

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Source : Eureka

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