Newgen Software Technologies promoters sell shares worth over Rs 335 crore

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Three promoters of Newgen Software Technologies Ltd on Tuesday offloaded shares worth over Rs 335 crore of the firm through open market transactions. The shares sold by the promoters — Diwakar Nigam, Priyadarshini Nigam and T S Varadarajan — represent 10.55 per cent stake of the company.

Together, they sold 73.81 lakh shares of the firm at an average price of Rs 454 a unit, block deal data on the BSE showed. Diwakar Nigam offloaded shares worth Rs 126.47 crore, Priyadarshini Nigam Rs 63.51 crore and T S Varadarajan Rs 145.09 crore.

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As per shareholding data for March 2021 quarter, Diwakar Nigam, Priyadarshini Nigam and T S Varadarajan held 26.41 per cent, 11.39 per cent and 21.46 per cent stake, respectively in the company. According to separate block deals, MS Param Value Investment bought shares of the firm for Rs 22.7 crore, Mukul Mahavirprasad Agrawal Rs 27.24 crore, Abu Dhabi Investment Authority Rs 75 crore and Societe Generale Rs 10.07 crore.

Besides, Morgan Stanley Asia Singapore Pte and White Oak India Equity Fund II picked up shares in the company worth Rs 10.7 crore each, White Oak India Select Equity Fund Rs 10.12 crore, Kuber India Fund Rs 49.98 crore and India Acorn Fund Ltd Rs 119.81 crore. The buyers bought the scrip at a price of Rs 454 per scrip.

On the BSE, shares of Newgen Software Technologies ended 8.89 per cent higher at Rs 498.75 apiece.