Coforge in a regulatory filing on Tuesday (6 July) announced that the IT company's board has approved the fresh issuance of equity shares for the purpose of capital raising way of a depository receipts issue or a Qualified Institutions Placement or any other mode not exceeding Rs 375 crore.

The IT company said it will undertake an issuance of depository receipts (American Depository Receipts or Global Depository Receipts listed on recognized stock exchanges i.e. either NYSE and/ or NASDAQ and/ or any other overseas exchange) in one or more tranches through, a transfer of existing equity shares by eligible shareholders of the company not exceeding 1,85,00,000 equity shares or a fresh issue of equity shares by the company within the abovementioned overall limit of Rs 375 crore.

The board said it has also decided to take the approval of the shareholders of the company at the ensuing Annual General Meeting to be held on Friday, 30 July 2021 for the fundraising activities.

Shares of Coforge were trading 0.18% higher at Rs 4,227.15 on BSE.

Coforge is a leading global IT solutions organization. Its proprietary platforms power critical business processes across the financial services and Travel industries.