The Competition Commission of India (CCI) has approved acquisition of certain equity shares of Cigniti Technologies Limited (Cigniti) by Coforge Limited (Coforge).

The proposed transaction relates to the acquisition of at least 50.21% and up to 54% shareholding on a fully diluted basis of Cigniti by Coforge pursuant to the execution of share purchase agreements and mandatory open offer in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Proposed Combination).

Coforge is a public company, and its equity shares are listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). Coforge including its affiliates, is engaged in the provision of information technology (IT) and IT enabled services (ITES) and its sub-segments, in India.

Cigniti is a public company and its equity shares are listed on NSE and BSE. Cigniti including its affiliates, is engaged in the provision of IT and ITES and its sub-segments, in India.

Detailed order of the CCI will follow.

Competition approval granted for Coforge's acquisition of Cigniti, subject to mandatory SEBI SAST open offer compliance. CCI approved Coforge Limited's proposed acquisition of a majority stake in Cigniti Technologies Limited pursuant to share purchase agreements and a mandatory open offer in accordance with SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011, as part of the Proposed Combination.