Coforge Ltd., formerly known as NIIT Technologies, has approved raising funds to the tune of ₹3,200 crore after its board meeting on Saturday, March 16, the company said in an exchange filing.
The company will raise these funds through a Qualified Institutional Placement (QIP) meaning issuing shares to eligible institutional shareholders.
Details of the QIP, dates and pricing are yet to be determined.
In an interaction with CNBC-TV18 after the December quarter earnings in January, Coforge's Sudhir Singh mentioned that the company would achieve its financial year 2024 growth guidance of 13% to 16%.
He said demand conditions remained tough and there was nothing that would suggest a material uptick in demand.
Singh also added that he does not expect to see a change in the demand situation in the financial year 2025.
In June last year, the company laid out its roadmap to achieve $2 billion in revenue by financial year 2028, which will be double the $1 billion it achieved in the previous financial year.
Brokerage firm Jefferies on February 20 maintained its "buy" recommendation on Coforge and raised its price target to ₹7,650.
Shares of Coforge have risen 56% in the last 12 months and have corrected 10% from their recent peak of ₹6,847.
(Edited by : Amrita)
First Published: Mar 18, 2024 7:01 AM IST
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