Bonus Shares Alert: Newgen Software board to meet on November 27 to mull issue

Shares of Newgen Software Ltd. are locked in an upper circuit of 5% after the company informed the exchanges that its board will consider an issue of bonus shares. The board meeting to consider the bonus issue of shares will be held on November 27.

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

As per available records on the exchanges, this will be the company's first bonus issue of shares.

For the September quarter, the company reported a 16.5% revenue growth on a sequential basis and 29.7% on a year-on-year basis. Revenue for the first half of the current financial year grew by 31%, compared to the 25% growth it saw during the full financial year 2023.

In an interaction with CNBC-TV18, the company's management said that both 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% in 2023 so far. This is also the best annual performance of the company since it went public in 2019.