Shares of Coforge Ltd went up nearly 7 percent in trade today after the company said it was gearing up to list on US bourses through the American Depository Receipts ADR route. Coforge stock hit an intraday high of Rs 5,874, rising 6.95% against the previous close of Rs 4,723. It's 90 on the BSE.
The large cap stock has gained 5.61% in four days. Coforge stock trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The IT stock has gained 143.11% in a single year and has risen 108% since the beginning of the year.
The firm's market cap rose to 34,186 crore. The stock opened at Rs 5,605 with a gain of 2.03%. The turnover of Rs 18.06 crore was generated by the total of 0.31 lakh shares on the BSE. The company said it would list its ADRs on the NYSE.
Barings Private Equity PE Asia is the promoter of Coforge formerly NIIT Technologies and will sell part of its stake in the proposed share sale. Coforge hasn't revealed how much stake its promoter will sell.
IT behemoth said it filed a Form F -- 1 registration statement with the US regulators, and that its board of directors approved the New York Stock Exchange NYSE as the selected stock exchange for the ADR offer. The shareholders who want to participate in the ADR offer can indicate their interest between November 18 and December 2, 2021.
This offering is intended to create a public market for our ADSs and to allow our future access to the public equity markets. All ADSs sold in the offering will be sold on behalf of the selling shareholders. Coforge said that it will not receive any of the proceeds from the sale of the ADSs in this offering.