Abu Dhabi Investment Authority (ADIA), White Oak Capital and other investors acquired shares sold by the promoters of Newgen Software Technologies on Tuesday, stock exchange filings show.
Chairman and managing director Diwakar Nigam and whole-time director T S Varadarajan together sold a 10.57% equity stake, a media statement said.
The shares were sold at Rs 454 apiece, which was at a marginal discount to the closing price of Rs 458.3 per share on 14 June.
ADIA acquired shares worth Rs 75 crore while White Oak Capital picked up shares worth Rs 130 crore through three entities.
White Oak Capital is an investment fund set up by former Goldman Sachs asset manager Prashant Khemka.
Funds managed by Societe Generale and Morgan Stanley Asia Singapore also picked up stakes worth Rs 10 crore each.
ICICI Securities Limited and Jefferies India Private Limited acted as advisors to the promoters, the company said.
The promoters will retain 55.16% of the total paid-up equity share capital of the company.
“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,” the promoter family said in a statement.
Last year, Marathon Edge Partners also invested in Newgen Software.
Ascent Capital is also invested in the company.
Newgen Software reported sales of Rs 610 crore for the financial year ended March 2021 with profits of Rs 117.5 crore.
It provides low code digital automation which helps companies manage their business processes, content and communications. The firm went public in 2018.