Marathon Edge India Fund I picks up stake in this underperforming IT stock
Given the discount at which the deal took place, the stock remained under pressure in trade and ended nearly 5% down at Rs 343.45 on the NSE
By Roshni Agarwal, ETMarkets.com |
ETMarkets.com
Marathon Edge India Fund I, an India-focussed fund of PE firm Marathon Edge Partners, bought a 2.85% stake in Newgen Software Technologies through a bulk deal on Thursday.
The fund purchased 20 lakh equity shares for Rs 345 each, a discount of more than 4% to Tuesday’s closing price of the stock.
Given the discount at which the deal took place, the stock remained under pressure in trade and ended nearly 5% down at Rs 343.45 on the NSE.
In separate deals, an Abu-Dhabi-based fund and India Acorn ACV fund offloaded stakes in the software company.
Abu-Dhabi-based Al Mehwar Commercial Investments and India Acorn ACV offloaded 5,01,909 and 9,83,223 shares, respectively, at an average price of Rs 345 per share.
Shares of Newgen Software have been a laggard, and have yielded a negative return of 42% year-to-date.
The fund purchased 20 lakh equity shares for Rs 345 each, a discount of more than 4% to Tuesday’s closing price of the stock.
Given the discount at which the deal took place, the stock remained under pressure in trade and ended nearly 5% down at Rs 343.45 on the NSE.
In separate deals, an Abu-Dhabi-based fund and India Acorn ACV fund offloaded stakes in the software company.
Abu-Dhabi-based Al Mehwar Commercial Investments and India Acorn ACV offloaded 5,01,909 and 9,83,223 shares, respectively, at an average price of Rs 345 per share.
Shares of Newgen Software have been a laggard, and have yielded a negative return of 42% year-to-date.
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