Coforge Approves Encora Acquisition Funding, Secures USD 550M Loan, Appoints Directors
Coforge approved a second amendment to the Encora acquisition SSPA, clarified funding, and secured a USD 550 million loan. The company allotted 9.38 crore shares valued at ₹17,032.60 crore to Encora entities. Coforge also infused USD 550 million into the target companies and appointed Shweta Jalan and Atin Jain as additional directors.
The acquisition, significant funding, and share allotment are material events that are expected to have a substantial impact on the company's financial position and strategic direction.
The company has made significant progress in its acquisition by amending agreements, securing substantial funding through a loan, completing the acquisition, and allotting shares. The appointment of new directors also indicates progress in governance.
Coforge Limited's Board of Directors, in a meeting held on April 23, 2026, approved several key decisions related to the acquisition of Encora US Holdco, Inc. and Encora Holdings Limited. The company entered into a second amendment agreement to the Share Subscription and Purchase Agreement (SSPA) to clarify the funding terms for the target companies.
Furthermore, Coforge secured a loan facility of up to USD 550 million from a consortium of banks and financial institutions, which will be secured against company assets. The Board also approved the creation of necessary charges on company properties to secure this loan facility, subject to shareholder approval.
The company also finalized the allotment of 9,37,96,508 equity shares at ₹1,815.91 per share, aggregating to ₹1,70,32,60,16,842, to Encora Holdco Limited and AI Altius Parent (Cayman) Limited as part of the share swap arrangement. Following this allotment, Coforge's issued, subscribed, and paid-up capital has increased.
The acquisition of Encora US Holdco, Inc. and Encora Holdings Limited has been completed as per the SSPA. In line with the SSPA, Coforge approved subscribing to shares of the target companies by infusing a total of USD 550 million (₹5,156.85 crore), divided into USD 280 million for Encora US Holdco, Inc. and USD 270 million for Encora Holdings Limited.
In a significant governance move, 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 appointees have extensive experience in private equity and investment.
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