Coforge acquires 60pc stake in SLK Global Solutions

IT solutions provider Coforge on Wednesday said it has acquired 60 per cent stake in SLK Global Solutions.

Earlier this month, Coforge had proposed to acquire equity share equivalent to 60 per cent of the total issued and paid up share capital of SLK Global Solutions, of which equity shares equivalent to 35 per cent were purchased on April 12.

Equity shares equivalent to 25 per cent were to be purchased within 23 business days from the closing date of the first tranche.

Coforge has acquired the second tranche of shares on Wednesday, it said in a regulatory filing.

''The shareholding of the company in the investee company aggregated across the tranche 1 shares and the subsequent tranche shares is 60 per cent of the total issued and paid up share capital of the investee company,'' it added.

With this acquisition, SLK Global Solutions is a subsidiary of Coforge with immediate effect, the filing said.

On April 12, Coforge had announced signing a share purchase agreement to acquire equity shares equivalent to 60 per cent stake in SLK Global Solutions from existing shareholders with an obligation to further purchase 20 per cent after two years.

Aggregate consideration paid by Coforge for the acquisition of 60 per cent share is Rs 918.32 crore, Coforge had said.

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