Stocks

Coforge: Promoter cuts stake; shares rise over 2 per cent

Internet Desk | Updated on October 27, 2020 Published on October 27, 2020

A promoter entity of Coforge, erstwhile NIIT Technologies, on Monday sold 38 lakh shares for over ₹878 crore.

The shares touched an intra-day high of 2.44 per cent to ₹2,261 on BSE in early trade before settling down to trade at ₹2,238. The stock has gained on Tuesday after beaten down for four consecutive days.

Along with generating 49.24% returns in the last 1 year, the Coforge stock has outperformed BSE 500 in each of the last 3 annual periods.

According to bulk deal data available on the NSE and the BSE, the promoter entity Hulst BV offloaded a total of 38 lakh shares.

It offloaded nine lakh shares at an average price of ₹2,312.03 on the BSE and 29 lakh shares at ₹2,310.56 on the NSE.

Hulst BV is the promoter of Coforge Ltd and held 70.28 per cent stake in the company, as per the shareholding pattern in the September quarter.

Based on the September quarter figures, the promoter has offloaded 6.27 per cent stake in the company.

However, the buyers’ identity has not been revealed.

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Published on October 27, 2020
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