“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.
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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.
