Coforge Limited has announced a significant financial arrangement involving an indirect share pledge. Following a preferential issue on April 23, 2026, certain entities have collectively secured 9,37,96,508 shares, representing a 21.83% stake in the company. This disclosure details the creation of an indirect pledge and a negative pledge covenant over these shares as part of a facility agreement dated April 21, 2026, involving several prominent international lenders.
Shareholding and Pledge Details
As of April 24, 2026, Coforge Limited confirmed the details surrounding a new financing structure. The shares in question were allotted during a private placement completed on April 23, 2026. Specifically, Encora Holdco Limited was allotted 3,68,96,613 equity shares (8.59% stake), and AI Altius Parent (Cayman) Limited received 5,68,99,895 equity shares (13.24% stake).
Understanding the Financial Arrangement
The facility agreement, executed on April 21, 2026, has resulted in an indirect pledge covering 100% of the shares of the borrower entities. These borrowers cumulatively hold a total of 9,37,96,508 shares, amounting to a 21.83% interest in Coforge Limited. Beyond the pledge, the agreement includes a covenant regarding a negative pledge and non-disposal of these shares, which will become effective following the expiration of a six-month lock-in period.
Lender Participation
The facility is backed by a group of international lenders, including Nomura Singapore Limited, Credit Agricole Corporate and Investment Bank, and MUFG Bank, Ltd. (Singapore Branch). The transaction is designed to formalize the security interest in the equity shares of the company, ensuring the obligations under the facility agreement are adequately covered.
Source: BSE
