Persistent Systems files DRHP with SEBI

New Delhi, Jul 30 (UNI) Persistent Systems, a software development company, today said it has filed Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for a proposed public issue.

The company plans to utilise funds for general corporate purposes and expansion of its facilities at Hinjewadi in Pune and Nagpur, besides investing in hardware and software infrastructure and setting up an SEZ in Hyderabad through its subsidiary, the company CMD Anand Deshpande said in a statement.

The issue, to be decided through a 100 per cent book building process, comprises a net issue of 4,573,944 equity shares of Rs 10 each with reservation of up to 400,892 shares for employees.

The issue would constitute 12.48 per cent of fully diluted post issue paid-up capital of the company.

With 4,000 employees, Persistent Systems conducts business at various locations in the country, including in Pune, Nagpur, Hyderabad, Goa and Bangalore.

The company has delivered over 2,000 products to their more than 170 customers in the last five years.

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