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JSA Advised Coforge on its Acquisition of Majority Stake in Cigniti for USD 256 million

JSA represented Coforge Limited (“Coforge”) in its intended purchase of a controlling stake in Cigniti Technologies Limited (“Cigniti”) for around USD 256 million.

The acquisition involved Coforge making a mandatory open offer to Cigniti’s public shareholders as per SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The transaction additionally included Coforge’s subsidiary securing financing of up to USD 250 million from the Hongkong and Shanghai Banking Corporation, GIFT city branch, on May 2, 2024. Coforge also planned to raise funds through a Qualified Institutional Placement (QIP) to finance the acquisition.

JSA’s team included:

  • Transaction Team:
    • Lead Partner: Anand Lakra
    • Principal Associate: Ami Shah
    • Senior Associate: Jinay Shah
    • Associates: Shreya Shinde, Diya Dave, Parth Mehta, B M Biplab
  • Banking and Finance Team:
    • Partners: Utsav Johri, Sucheta Bhattacharya
    • Associate: Suprabh Garg
  • Data Protection Team:
    • Senior Associate: Saurabh Sinha
    • Associate: Himanshu Kumar
  • Employment Team:
    • Partner: Sonakshi Das
  • Competition Team:
    • Partners: Vaibhav Choukse, Ela Bali
    • Principal Associate: Nripi Jolly
    • Senior Associate: Aditi Khanna
    • Associate: Faiz Siddiqui
  • Indirect Tax Team:
    • Partner: Shareen Gupta
    • Principal Consultant: Ruchita Modi
    • Associate: Tanay Vyas

Coforge, listed on both the BSE and NSE, is a global digital services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients; offering a wide range of services including product engineering, automation, data management, cloud services, software engineering, and business process management.

Cigniti, also listed on the BSE and NSE, is the world’s leading AI & IP-led Digital Assurance and Engineering services company that helps global companies across industries continuously accelerate their Digital Transformation and become Digital-First.

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