Coforge Limited announced on July 18, 2025, that it has received observation letters from both BSE Limited and the National Stock Exchange of India (NSE) with ‘no adverse observations’ and ‘no objection’, respectively, for its proposed merger with Cigniti Technologies Limited.
The Scheme of Amalgamation, originally announced in December 2024, seeks to merge Cigniti Technologies (the Transferor Company) into Coforge (the Transferee Company), consolidating their respective businesses, shareholders, and creditors.
In its communication to stock exchanges, Coforge confirmed that the BSE and NSE approvals clear the way for the company to move forward with the necessary steps to obtain the National Company Law Tribunal (NCLT) approval. The approvals are subject to various statutory and regulatory compliances, as well as the approval of shareholders and creditors of both companies.
NSE, in its detailed observation letter, outlined conditions to be adhered to during the process, including:
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Full disclosure of any ongoing legal proceedings or enforcement actions.
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Ensuring that the financials in the valuation report are up-to-date (not older than six months).
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Comprehensive details of the merger rationale, business synergies, financial implications, share swap ratio, and pre- and post-merger shareholding structures must be provided to shareholders.
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Compliance with SEBI and Companies Act regulations, and ensuring the proposed equity shares issued under the scheme are in dematerialized form.
Coforge stated that the observation letters are available on its website and reaffirmed its commitment to maintaining full transparency through the merger process. The company emphasized that the merger is expected to bring operational synergies and enhance shareholder value by leveraging the combined strengths of the two IT and digital transformation firms.
The company will now proceed to file the scheme with the NCLT and seek further approvals.
For further details, the official documents — including the observation letters from BSE and NSE — are available on the Coforge website: https://www.coforge.com