Cigniti-Coforge Merger: May 16 Set as Record Date for 1:1 Share Exchange
Cigniti Technologies has set May 16 as the record date to identify shareholders eligible for Coforge shares under the 1:1 merger exchange ratio, following the scheme of amalgamation becoming effective on May 5, 2026. The NCLT Chandigarh sanctioned the merger on April 29, 2026, with an appointed date of April 1, 2025. The merger received near-unanimous stakeholder approval, with Cigniti shareholders voting 99.95% in favour and Coforge shareholders voting 100% in favour.
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Cigniti Technologies and Coforge Limited have successfully completed their merger, with the scheme of amalgamation becoming effective from May 5, 2026. Following the scheme's effectiveness, Cigniti Technologies has set May 16 as the record date to identify shareholders eligible to receive Coforge shares under the 1:1 merger exchange ratio. The companies had filed the certified copy of the NCLT Order with the Registrar of Companies, Haryana, complying with all conditions specified in clause 28 of the Scheme. Consequently, Cigniti Technologies stands amalgamated with Coforge Limited and dissolved without being wound up.
Merger Implementation Details
The National Company Law Tribunal (NCLT) Chandigarh had sanctioned the amalgamation on April 29, 2026. The appointed date for the merger is April 1, 2025. Under the sanctioned scheme, shareholders will receive shares based on a 1:1 exchange ratio. The record date of May 16 has been fixed to determine shareholders of Cigniti Technologies whose equity shares shall stand cancelled and to whom new equity shares of Coforge Limited shall be issued and allotted in accordance with the swap ratio.
| Parameter: | Details |
|---|---|
| Effective Date: | May 5, 2026 |
| Record Date: | May 16 |
| Appointed Date: | April 1, 2025 |
| Share Exchange Ratio: | 1:1 |
| Cigniti Share Value: | INR 10 face value |
| Coforge Share Value: | INR 2 face value |
Share Exchange Ratio Background
The current 1:1 ratio resulted from a mathematical adjustment following Coforge's stock split on March 4, 2025, where each equity share of INR 10 face value was subdivided into 5 shares of INR 2 face value each. The original valuation recommended a 1:5 ratio, making the revised ratio economically equivalent.
Stakeholder Approval and Regulatory Compliance
The merger received overwhelming support across all stakeholder categories during meetings held on December 6, 2025. Equity shareholders of Cigniti approved the scheme with 99.95% in value, while Coforge shareholders approved with 100% in value. All creditor categories approved with 100% support. Key regulatory bodies including the Official Liquidator, BSE Limited, National Stock Exchange of India Limited, and Income Tax Department provided their clearances after thorough review.
Financial Impact and Next Steps
Following the scheme effectiveness, the meeting of the Board of Directors of Cigniti Technologies scheduled for May 5, 2026 to consider financial results stands cancelled. The financial results of Cigniti Technologies for the relevant period shall be subsumed in, and approved as part of, the standalone financial results of Coforge Limited. All assets, liabilities, and operations of Cigniti Technologies have transferred to Coforge Limited, creating enhanced value for stakeholders through combined capabilities in the global IT services sector.
How will Coforge Limited integrate Cigniti's testing and quality engineering capabilities to compete against larger IT services players like TCS and Infosys in the global market?
What synergy-driven revenue targets or cost savings has Coforge's management projected for the combined entity over the next 2-3 fiscal years?
How might the delisting of Cigniti Technologies from BSE and NSE impact retail investors who miss the May 16 record date, and what recourse will they have?
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