Abu Dhabi-based Al-Mehwar Commercial Investments LLC and India Acron Acv fund also bought shares of Newgen Software
Marathon Edge Partner-led Marathon Edge India Fund I has bought shares of Newgen Software by investing Rs 69 crore through an open market bulk deal. The fund managed to purchase 20 lakhs equity shares, with each share valued at an average price of Rs 345.
This acquistion gives Marathon Edge India Fund I a 2.85 per cent stake in Newgen Software.
Abu Dhabi-based Al-Mehwar Commercial Investments LLC and India Acron Acv fund also bought the IT company's shares, picking up 5 lakh and 9 lakh shares respectively.
Newgen Software's performance in FY 2022 has been dismal, with its shares providing negative 42 per cent returns. Even today, investors witnessed a drop of 0.58 per cent in the company's share prices.
Despite its poor performance in the stock market, the company managed to gain an increase in the Profit After Taxes (PAT) and net revenues. As per its results for the March quarter, 2022, it earned Rs 164 crore as PAT as compared to Rs 126.5 crore in the same period last year. In terms of revenue, the company witnessed a 16 percent year-on-year growth.