The Board of Directors of Newgen Software Technologies Limited at its meeting held today has approved the acquisition of Number Theory Software Private Limited ("Target Company") as a wholly owned subsidiary company i.e., purchase of 100% of the paid-up equity shares of Number Theory Software Private Limited from its existing shareholders, viz. Tarun Gulyani and Rajan Nagina subject to the completion of customary conditions precedent as stated in the Share Purchase Agreement ("SPA").
The Company, pursuant to the approval of the Board, today, has also executed the SPA with the Target Company and the existing promoters of the Target Company i.e., Tarun Gulyani and Rajan Nagina.
Post completion of the afore-mentioned acquisition that is subject to customary conditions precedent, the Target company will become a wholly owned subsidiary of the Company.
Number Theory brings AI to enterprises through its Enterprise AI platform and data science capabilities to help its customers accelerate innovation and grow revenue. Number Theory achieves the data to business value journey in matter of weeks at massive data scale by putting its enterprise data hub, data science platform, and prebuilt application.
Shares of Newgen Software Technologies Limited was last trading in BSE at Rs. 643.40 as compared to the previous close of Rs. 637.90. The total number of shares traded during the day was 19926 in over 2080 trades.
The stock hit an intraday high of Rs. 648.20 and intraday low of 640.85. The net turnover during the day was Rs. 12823735.00.