Hong Kong-based private equity firm BPEA EQT on Thursday said it has sold its remaining stake of 26.6% through a $924-million block deal. This comes after the firm sold 3.5% of its stake in Coforge (formerly called NIIT Technologies) for $108 million in a secondary market transaction in May.
In Feb, BPEA EQT, formerly known as Baring Private Equity Asia, had sold 9.8% of its stake in Coforge for $294 million, according to Venture Intelligence. And last year, it sold a part of its stake in the firm for $335 million.
BPEA EQT and co-investors acquired a 70.1% stake in Coforge in May 2019, and under BPEA EQT’s tenure, the company has doubled its revenue and EBITDA, crossing $1 billion revenue in April 2023, BPEA said in a statement.
BPEA’s other portfolio companies in India include Virtusa, Citius Tech, CMS, AGS Health, and RBS Bank. In Southeast Asia, the firm has backed retail platform The CrownX and Vietnam-USA Society English Centres in Vietnam and business services provider TELUS International, education solutions provider Straive, and game development company Virtuos in Singapore.
Coforge holds a market valuation of Rs 30,000 crore as of Wednesday, according to media reports.
Shares of Coforge closed up 9.4% at Rs 5,375 per share on Thursday.