Newgen Software Technologies Limited disclosed that its wholly owned subsidiary, Newgen Software Technologies LLC (incorporated in United Arab Emirates), has accepted a Letter of Award for a core insurance system replacement (PAS replacement) project.
Contract Details:
- Aggregate Value: KWD 875,000 (Eight hundred seventy-five thousand Kuwaiti Dinars)
- Converted INR Value: ₹26,70,41,250 (Twenty-Six Crore Seventy Lakh Forty-One thousand Two Hundred and Fifty)
- Conversion Rate: 1 KWD = INR 305.19
Contract Scope: The project involves core insurance system replacement (PAS replacement) including software licenses, implementation services, and five years of support services.
Counterparty Information:
- The customer's name is withheld due to confidentiality reasons
- International entity based in State of Kuwait
Execution Timeline: The contract is to be executed over a period of 5 years.
Corporate Governance Disclosures:
- The promoter/promoter group/group companies have no interest in the entity that awarded the contract
- The transaction does not fall within the definition of a related party transaction under the Companies Act, 2013
Regulatory Compliance:
- Disclosure made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Complies with BSE Circular No. 20230714-34 dated July 14, 2023
- Complies with NSE Circular No. NSE/CML/2023/57 dated July 14, 2023
Event Timing:
- Date of occurrence: 30th June 2026
- Time of occurrence: 08:20 P.M. (IST)