Coforge Approves Encora Acquisition Funding, Loan Facility & Director Appointments
Coforge Limited's Board approved a second amendment to the Encora acquisition SSPA. The company will avail a USD 550 million loan facility and has completed the acquisition by allotting 9,37,96,508 equity shares worth ₹1,70,32,60,16,842. Shweta Jalan and Atin Hirachand Jain were appointed as Additional Directors.
The approval of a major acquisition, a significant loan facility, and equity issuance are material events that will substantially impact the company's financial structure, operational capacity, and strategic direction. The appointment of new directors also affects corporate governance.
The announcement details significant strategic actions including the approval of funding for an acquisition, securing a substantial loan facility, and the completion of the acquisition itself, along with key director appointments, all of which are positive developments for the company's growth and governance.
Coforge Limited's Board of Directors, in a meeting held on April 23, 2026, approved several key strategic decisions. The company entered into a second amendment agreement to the Share Subscription and Purchase Agreement (SSPA) concerning the Encora transaction, clarifying the timing and manner of funding for Encora US Holdco, Inc. and Encora Holdings Limited.
In line with the funding structure, the Board also approved availing a loan facility of up to USD 550 million from various banks and financial institutions. This facility will be secured by a charge over certain company assets. To facilitate this, the Board approved the creation of hypothecation, mortgage, pledge, and/or charge on company properties to secure borrowings.
Furthermore, the Board approved the allotment of 9,37,96,508 equity shares at a price of ₹1,815.91 per share to Encora Holdco Limited and AI Altius Parent (Cayman) Limited, aggregating to ₹1,70,32,60,16,842. This preferential allotment is part of the consideration for the acquisition of Encora US Holdco, Inc. and Encora Holdings Limited, which has now been completed.
In parallel, Coforge has subscribed to common stock of Encora US Holdco, Inc. for USD 280,000,000 and ordinary shares of Encora Holdings Limited for USD 270,000,000, totaling USD 550,000,000, as per the revised SSPA. The company also completed the acquisition of Encora US Holdco, Inc. and Encora Holdings Limited.
Additionally, the Board approved the appointment of Shweta Jalan and Atin Hirachand Jain as Additional Directors (Non-Executive Directors) effective April 23, 2026, subject to shareholder approval. Both individuals have extensive experience in private equity and investment.
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Coforge Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. 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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