Newgen Software’s board of directors will meet on November 27 to consider the issue

Shares in Newgen Software Ltd. is locked in an upper circuit of 5% after the company informed the stock exchanges that its board will consider an issue of bonus shares.

The board meeting to consider the fund issue of shares will be held on 27 November.

Registration date for the purpose of the bonus issue, if any, is yet to be determined. The trading window for the company’s shares for employees will remain closed from November 17 to November 29.

As per records available with the stock exchanges, this will be the company’s first fund issue of shares.

For the September quarter, the company reported revenue growth of 16.5% on a sequential basis and 29.7% on an annualized basis.

Revenue for the first half of the current fiscal year grew by 31% compared to the 25% growth it saw in the full fiscal year of 2023.

In an interaction with CNBC-TV18the company’s management has mentioned that both the December and March quarters are likely to be strong for the company.

Shares of Newgen Software are locked in a 5% upper circuit at 1,312.55. The stock is up over 265% so far in 2023. This is also the best annual performance for the company since it went public in 2019.

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