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Coforge Stock Slips Ahead of Board Discussion on Fundraising Plan
Coforge shares weakened ahead of a board meeting on fundraising, with investors weighing cash position concerns against management’s growth targets and reassurances on capital allocation.
Shares of slipped to the day’s low on December 26 as investors turned cautious ahead of a board meeting to consider a fund raising proposal. The IT services firm has indicated that it holds negligible cash on its balance sheet while targeting a $2 billion revenue run rate over the coming quarters. During its recent analyst interaction, management reassured investors that no additional data centre investments are planned as part of the proposed fund raise.