Synopsis
Persistent Systems has made waves in the financial market by securing ?7,600 crore through non-convertible debentures aimed at funding its acquisition of Nagarro SE. This bold move saw bonds varying from two to three years issued, with demand soaring above ?15,000 crore, attracting top investors. Additionally, the company successfully raised ?600 crore with a one-year commercial paper at an impressive 8.75%.
Mumbai: Information technology company Persistent Systems has raised a total of ?7,600 crore through the issuance of non-convertible debentures (NCDs) of various tenures in the last leg of financing for its acquisition of Germany's Nagarro SE.
The company raised ?1,500 crore each in the two year and three year tenure and close to ?2,000 crore each through the sale of four and five years bonds as part of its financing to complete its acquisition announced in June. About ?1,250 crore in the four and five year tenures was earmarked for general corporate purposes, giving the company the freedom to use the funds as desired.
"All the NCDs were raised at a coupon of 8.95% in which top mutual funds, NBFCs and insurance companies invested. The total order book was more than two times as the company collected demand of about ?15,000 crore," said a person aware of the details. The company also separately raised a one-year commercial paper for ?600 crore priced at around 8.75%. Persistent did not reply to an email seeking comment. ET had reported about the impending fund raise in its October 29 edition.
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HSBC, Kotak Mahindra and Barclays were the bankers to the issue. "This is the second part of the fundraising and the deal will now close within days. The company had raised ?4,264 crore through a QIP (qualified institutional placement) last week, the funds from which have been already swapped into foreign currency. With these funds now raised, the deal will now close," said a second person aware of the details.
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Separately, Jubilant Pharmova, also priced three year bonds totalling ?800 crore at 8.50% through its maiden bond issue in the local market. Axis Bank the sole banker to the deal invested in ?120 crore out of the ?800 crore issue with the rest divided among other investors including mutual funds and insurance companies, people familiar with the deal said.
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