IT Stock which is a leading provider of a unified digital transformation platform announced a bonus issue in the ratio of 1:1 and it has fixed January 12,2024, as the record date to be eligible for receiving the bonus shares.
In the day’s trade on November 24, 2023, the shares of Newgen Software Technologies Limited closed at Rs. 1,280, down 1.52 percent from its previous day’s close price of Rs. 1,299 and its market capitalization is Rs. 8,892 Crores.
As per the company’s filing on BSE, Newgen Software Technologies has announced a bonus issue of shares of the company in the ratio of 1:1 i.e, an issue of 1 equity share with a face value of Rs. 10, for every 1 existing fully paid-up equity share held.
January 12, 2024, is fixed as the record date for ascertaining the eligibility of Members entitled to the issuance of Bonus Shares.
The total number of securities to be issued is 7 Crore equity shares, which will be credited within 2 months i.e., on or before January 26, 2024. The bonus equity shares will be issued out of the securities premium account of the company available as of 31st March, 2023.
The free reserves or the share premium required for implementing the bonus issue is Rs. 70.06 Crores which will be utilized out of the available free reserves of Rs. 103.97 Crores.
The pre-bonus paid-up share capital is Rs. 70.06 Crores and the post-bonus paid-up capital is Rs. 140.13 Crores.
In addition to this, the board of directors of the company has approved the increase in the authorized share capital of the company from Rs. 110 Crores to Rs. 180 Crores.
The company’s revenue from operations grew 25 percent from Rs. 778 Crores in FY22 to Rs. 973 Crores in FY23, accompanied by increasing profits of Rs. 164 Crores to Rs. 176 Crores.
It has reported a return on equity (ROE) of 18.04 percent and a return on capital employed (ROCE) of 21.18 percent, it is making good returns on its equity and capital employed.
According to the latest shareholding data available for the September 2023 quarter, the company’s Promoters hold 55.16 percent stake, the Domestic Institutional Investors hold 9.27 percent and the Foreign Institutional Investors (FII) hold 15.92 percent.
Newgen is a leading provider of a unified digital transformation platform engaged in the business of software product development including designing and delivering end-to-end software solutions covering the entire spectrum of software services from workflow automation to document management to imaging.
Written by: Bharath K.S
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