Cigniti Technologies Limited and Coforge Limited have announced the approval of a Scheme of Amalgamation, marking a significant move towards their merger. The Boards of Directors of both companies have given their nod to the scheme, signaling a new phase of operational and strategic synergy.
Key Highlights of the Merger:
- Amalgamation Details:
- Cigniti Technologies Limited will merge with and into Coforge Limited.
- The share swap ratio is fixed at 1 equity share of Coforge for every 5 equity shares of Cigniti.
- Strategic Rationale:
- The merger aims to combine the complementary strengths of both companies, leveraging their expertise in software testing, quality engineering, and digital transformation services.
- Enhanced operational efficiency, broader global market reach, and improved service offerings are key outcomes expected from this integration.
- Financial and Operational Implications:
- The combined entity is positioned to create a robust platform for global IT services and solutions.
- This amalgamation is expected to drive value for shareholders of both companies through increased scale and capability.
- Next Steps:
- The scheme of amalgamation is subject to necessary regulatory approvals, including clearances from the Securities and Exchange Board of India (SEBI), stock exchanges, and the National Company Law Tribunal (NCLT).
About the Companies:
- Coforge Limited: A leading global IT services provider, known for its deep expertise in banking, insurance, and travel industries.
- Cigniti Technologies Limited: A global leader in software testing and quality engineering services with a strong focus on digital transformation.
