IT firm Coforge raises Rs 340 cr via non-convertible bonds

IT firm Coforge Ltd, formerly NIIT Technologies, said on Tuesday it has raised Rs 340 crore through issuance of non-convertible bonds on private placement basis.

"The board of directors of the company has approved allotment of up to 3,400 unsecured, listed, rated, redeemable non-convertible bonds of Rs 10,00,000 each aggregating up to Rs 340 crore to identified investors on a private placement basis," Coforge said in a regulatory filing.

The non-convertible bonds (NCBs) are proposed to be listed on the wholesale debt market (WDM) segment of BSE, the company added.

Shares of Coforge were trading 0.28 percent lower at Rs 2,799 apiece on BSE.

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Coforge to acquire stake in SLK Global Solutions

Recently, the IT firm signed agreements to acquire a controlling stake in SLK Global Solutions Pvt. Ltd, a business process transformation firm offering BPM and digital solutions for the financial services industry. Coforge will initially acquire a 60 percent stake for Rs 918.3 crore, which will see SLK Global’s founders exiting the firm, and Fifth Third Bank’s stake will be reduced to 40 percent. It will acquire another 20 percent from Fifth Third Bank after two years, a report in LiveMint said.