New Delhi-based Newgen Software Technologies Limited said that some of its promoters have sold a total of 10.57% stake in the company to a consortium of institutional investors at Rs 454 per share.

The sale of the stake was announced by the company’s chairman and managing director Diwakar Nigam and its whole time director T S Varadarajan.

ICICI Securities and Jefferies India were the advisors to the promoters/promoter group for the deals.

The sale is contingent on settlement in compliance with secondary market settlement procedures of the stock exchanges/clearing corporations. After settlement, the total stake of the promoter/promoter group in Newgen Software Technologies will be 55.16%.

Commenting on the sale of the stake, the promoters said: “The book building saw strong demand and interest from marquee institutional investors, both domestic and international, thus reposing their confidence and faith in Newgen’s business, its promoters and senior management team.

“We remain steadfast in working towards furthering the best interests of all our stakeholders.”

Founded in 1992, Newgen Software Technologies is a provider of low code digital automation platforms to enterprises using which they can manage their processes, content, and communication.

  Delhi, Diwakar Nigam, ICICI Securities, India, Jefferies India, New Delhi, Newgen Software Technologies, T S Varadarajan