BWI: Persistent Systems Files DRHP with SEBI

Press release from Business Wire India
Source: Persistent Systems
Tuesday, January 05, 2010 05:58 PM IST (12:28 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
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Persistent Systems Files DRHP with SEBI


Pune, Maharashtra, India, Tuesday, January 05, 2010 -- (Business Wire India) -- Persistent Systems Limited a software product development services company, today announced that they have filed the Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) on December 30, 2009. The proposed public issue of around 5.42 million equity shares consists of a fresh issue of around 4.14 million equity shares and an offer for sale of around 1.28 million equity shares.

The Issue comprises a Net Issue to the public of around 4.88 million equity shares of Rs. 10 each and a reservation of up to 541,976 equity shares of Rs. 10 each for eligible employees. The Issue would constitute 13.55% of the fully diluted post issue paid-up capital of the Company. The net issue will constitute 12.19% of the fully diluted post issue paid-up capital of the Company.

"With significant growth in the recent years and with the stabilizing of the economy, we feel this is the right time for us to re-enter the capital market", said Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems Ltd.

He further added, that the issue proceeds are proposed to be used for expanding development facilities at Pune and Nagpur, investing in hardware and software infrastructure and setting up development facilities in SEZ unit through its wholly owned subsidiary apart from general corporate purpose.

About Persistent Systems

Established in 1990, Persistent Systems is recognized as an award-winning technology company specializing in software product development services. Persistent currently conducts business at various locations in India including in Pune, Nagpur, Hyderabad and Goa and overseas in Canada, Japan, Germany The Netherlands and UK. The Company also has business presence through its subsidiaries in US and Singapore. With 4,400+ employees as of November 30, 2009, innovative business models, and reusable assets and frameworks, Persistent helps its customers increase revenues and margins, and enhance brand value. It has developed proven processes for the entire product lifecycle and has contributed to over 3,000+ software product releases in their last five years and has 297+ customers as of Fiscal 2009. For more information, please visit: www.persistentsys.com.


CONTACT DETAILS
Pinal Patil, Persistent Systems, +91 9890676044, pinal_patil@persistent.co.in
Shweta Dubey, 20:20 MEDIA Pvt. Ltd., +91 9820390707, shweta@2020india.com

KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY

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