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What is the story about?
Hyderabad-based Cigniti Technologies
has completed its merger with Coforge, with the Scheme of Amalgamation becoming effective after the National Company Law Tribunal (NCLT) order was filed with the Registrar of Companies in Haryana.
The appointed date for the merger is April 1, 2025.
Following this, Cigniti stands merged into Coforge and has been dissolved without undergoing the winding-up process.
As a result, Cigniti’s board meeting scheduled for May 5, 2026, to consider its financial results has been cancelled, with its performance now forming part of Coforge’s standalone results.
Coforge’s board will also decide the record date for share allotment in line with the agreed swap ratio.
The merger marks the completion of Coforge’s acquisition of Cigniti, after securing shareholder approval and final regulatory clearance. The deal is expected to strengthen Coforge’s presence in the healthcare segment and expand its footprint in the Midwest and Western US markets.
Under the terms of the deal, Cigniti shareholders will receive one equity share of Coforge (face value ₹2) for every share held (face value ₹10), reflecting a revised 1:1 swap ratio post Coforge’s stock split in June 2025. Economically, this remains unchanged from the earlier 1:5 ratio.
Coforge had first announced the acquisition in May 2024, acquiring a 54% stake for nearly ₹2,000 crore.
The transaction is aimed at scaling the company into a $2-billion firm by FY27, aided by access to 28 additional Fortune 500 clients and opportunities to cross-sell services, particularly in specialised assurance.
The combined entity is expected to form a $2.5-billion company, with a strong core in AI-led engineering, data, and cloud services, according to the company.
Shares of Coforge ended 3.51% lower at ₹1,153.90, while Cigniti Technologies declined 2.74% to ₹1,149.80.
The appointed date for the merger is April 1, 2025.
Following this, Cigniti stands merged into Coforge and has been dissolved without undergoing the winding-up process.
As a result, Cigniti’s board meeting scheduled for May 5, 2026, to consider its financial results has been cancelled, with its performance now forming part of Coforge’s standalone results.
Coforge’s board will also decide the record date for share allotment in line with the agreed swap ratio.
The merger marks the completion of Coforge’s acquisition of Cigniti, after securing shareholder approval and final regulatory clearance. The deal is expected to strengthen Coforge’s presence in the healthcare segment and expand its footprint in the Midwest and Western US markets.
Under the terms of the deal, Cigniti shareholders will receive one equity share of Coforge (face value ₹2) for every share held (face value ₹10), reflecting a revised 1:1 swap ratio post Coforge’s stock split in June 2025. Economically, this remains unchanged from the earlier 1:5 ratio.
Coforge had first announced the acquisition in May 2024, acquiring a 54% stake for nearly ₹2,000 crore.
The transaction is aimed at scaling the company into a $2-billion firm by FY27, aided by access to 28 additional Fortune 500 clients and opportunities to cross-sell services, particularly in specialised assurance.
The combined entity is expected to form a $2.5-billion company, with a strong core in AI-led engineering, data, and cloud services, according to the company.
Shares of Coforge ended 3.51% lower at ₹1,153.90, while Cigniti Technologies declined 2.74% to ₹1,149.80.
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