Coforge Approves Encora Acquisition Funding, Loan Facility, and Director Appointments
Coforge Limited's Board approved a second amendment to the SSPA for the Encora acquisition and a USD 550 million loan facility. The company completed the acquisition by allotting 9.37 crore shares worth ₹17,032.60 crore and will subscribe USD 550 million to target companies. Shweta Jalan and Atin Jain were appointed as Additional Directors.
The approval of a significant loan facility, completion of a large share allotment for acquisition, and the appointment of new directors are material events that can significantly impact the company's financial structure, strategic direction, and governance.
The announcement details significant corporate actions including the finalization of acquisition funding through share allotment and a substantial loan facility, alongside board appointments, indicating forward momentum and strategic execution.
Coforge Limited's Board of Directors, in a meeting held on April 23, 2026, approved several key resolutions related to its acquisition of Encora US Holdco, Inc. and Encora Holdings Limited. The company entered into a second amendment agreement to the Share Subscription and Share Purchase Agreement (SSPA) to clarify the timing and manner of funding the target companies.
Additionally, the Board approved availing a loan facility of up to USD 550 million (approximately ₹5,156.85 crore) from various banks and financial institutions. This loan is secured by a charge on certain company assets. The Board also approved the creation of hypothecation, mortgage, pledge, and/or charge on company properties to secure this loan facility, subject to shareholder approval.
Further, the company completed the acquisition by allotting 9,37,96,508 equity shares to Encora Holdco Limited and AI Altius Parent (Cayman) Limited at an issue price of ₹1,815.91 per share, aggregating to ₹1,70,32,60,16,842 (₹17,032.60 crore). This allotment results in an increase in the issued, subscribed, and paid-up capital.
In accordance with the SSPA, Coforge will subscribe to common stock of Encora US Holdco, Inc. for USD 280 million (₹2,625.56 crore) and ordinary shares of Encora Holdings Limited for USD 270 million (₹2,531.29 crore), totaling USD 550 million (₹5,156.85 crore).
Finally, the Board approved the appointment of Shweta Jalan and Atin Hirachand Jain as Additional Directors (Non-Executive Directors) with effect from April 23, 2026, subject to shareholder approval.
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Coforge Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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