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Saturday, March 13, 2010

Persistent Systems IPO to open on March 17

Pune based software product development company Persistent Systems is entering capital market with an initial public offering (IPO) of 54,19,706 equity shares of Rs 10 each on March 17, 2010.

The issue consists of a fresh issue of 41,39,000 equity shares and an offer for sale of 12,80,706 equity shares by Dr Shridhar Bhalchandra Shukla and Vijayalaxmi Shridhar Shukla and Ashutosh Vinayak Joshi. The issue comprises a net issue to the public of 48,77,730 shares and a reservation of up to 5,41,976 equity shares for eligible employees. The issue will constitute 13.55% of the fully diluted post issue paid-up capital of the company.

The company will raise around Rs 157.17-168 crore at price band of Rs 290-310 per equity share. Promoters' holding will be reduced to 38.83% from 43.31% post issue.

The company will received only Rs 128.31 crore from the issue while the rest of money will go to selling shareholders.

The objects of the issue are to establish development facilities; capitalise subsidiaries for establishing development facilities and meeting fit outs and interior design costs; procure hardware and fund expenditure for general corporate purposes.

It is one of the market leaders in outsourced software product development services. It is an OPD specialty company, offering customers the benefits of offshore delivery. It designs, develops and maintains software systems and solutions, create new applications and enhance the functionality of customers‘ existing software products.

The book running lead managers to the issue are Enam Securities Private Limited and JP Morgan India Private Limited. Link Intime India Private Limited is the registrar

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