Persistent Systems raises Rs.7,600-Cr via NCDs to fund Nagarro acquisition

Listed, Pune-based IT services firm Persistent Systems Ltd has raised INR 7,600 crore through the issuance of non-convertible debentures (NCDs) of various tenures. This transaction serves as the final stage of financing for the acquisition of Germany-based Nagarro. HSBC, Kotak Mahindra, and Barclays acted as the bankers for the issuance.The raised capital includes INR 1,500 crore in two-year and three-year tenures, respectively, alongside INR 2,000 crore each through four-year and five-year bonds. Additionally, the company raised INR 600 crore through a one-year commercial paper.The NCDs were issued at a coupon rate of 8.95%, attracting participation from mutual funds, NBFCs, and insurance companies. The total order book exceeded INR 15,000 crore.