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Enterprise software firm Newgen's promoters sell 10.6% stake to ADIA, others

BSE Disclosure,   Stock Exchange Data  

Members of the promoter group of publicly listed enterprise software company Newgen Software Technologies Ltd - Diwakar Nigam, Chairman & Managing Director, and TS Varadarajan, Whole Time Director - have sold a 10.57% stake in the company to a group of institutional investors, including Abu Dhabi Investment Authority (ADIA). ICICI Securities and Jefferies India advised the promoters on the transactions, executed via bulk deals on the stock exchange at an average price of approximately INR 454 per share. Post the sales, the promoter group will retain a 55.16% stake in Newgen.