The fund raising avenue include qualified institutional placement (QIP) or any other permissible mode as per applicable laws, subject to requisite approvals, including those from shareholders and regulatory/statutory approvals, said the company.

In a regulatory filing, the company said, “The board of directors has approved raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each of the company (equity shares) and / or other eligible securities or any combination thereof, for an aggregate amount not exceeding Rs 3,200 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) or other permissible modes.”

Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 26 delivery centers across nine countries.

The IT company's consolidated net profit jumped 31.49% to Rs 238 crore on 2.07% increase in revenue from operations to Rs 2,323.3 crore in Q3 FY24 over Q2 FY24.

Shares of Coforge tumbled 7% to Rs 5,689 on the BSE.