Persistent Systems opens ₹4,265 crore share sale to institutions at ₹5,550 floor price

What happened

• Persistent Systems opened a qualified institutional placement on Thursday to raise up to $450 million, about ₹4,265 crore, Upstox and Kotak Neo reported. The floor price is ₹5,550 a share, and the company may offer a discount of up to 5% on it.
• Kotak Neo worked out the lowest possible price with the full discount as ₹5,272.50. A special committee of the board approved the opening, floor price and placement document on 21 October, under a shareholder resolution passed on 5 October, the outlets said.
• J.P. Morgan India, IIFL Capital Services and HSBC Securities and Capital Market (India) are the lead managers. Kotak Neo added that the company has closed its trading window for promoters, directors and key managerial personnel until further notice. Neither outlet gave a closing date or the purpose of the money.
• The shares closed at ₹5,746 against ₹5,858.50 on Wednesday on Kite data, a fall of 1.92% by my calculation. The ₹5,550 floor is below that close.

Why it matters

Good to know: In a qualified institutional placement, a listed company sells new shares only to large institutions such as mutual funds and insurers, without a public offer document. The company can offer a discount to the floor price, up to 5% in this case.

Key facts

Size

Up to $450 million, about ₹4,265 crore

Floor price

₹5,550 a share; up to 5% discount allowed

Lowest possible price

₹5,272.50, per Kotak Neo

Opened

Thursday 22 October; closing date not stated

Lead managers

J.P. Morgan India, IIFL Capital Services, HSBC Securities

Read the source

• Persistent Systems QIP opens: IT services firm eyes ₹4,265 crore; floor price and other key detailsUpstox
• Persistent Systems Launches ₹4,265 Crore QIP At ₹5,550 Floor Price Per Share, With Up To 5% Discount AllowedKotak Neo

Persistent Systems in the news before

1. 16 OCT 2026 · EVENING · RESULTSPersistent Systems' September-quarter profit falls 25% to about ₹352 crore