Persistent Systems plans 49.74 lakh share IPO
Persistent Systems Ltd has filed papers for an initial public offering of 49, 74,836 equity shares with the Securities and Exchange Board of India.
By INDIATIMES NEWS NETWORK |
MUMBAI: Persistent Systems Ltd has filed papers for an initial public offering of 49, 74,836 equity shares with the Securities and Exchange Board of India.
The issue consists of fresh issue of 40, 08,920 shares and an offer for sale of 9, 65,916 shares by promoters Shridhar Bhalchandra Shukla and Ashutosh Vinayak Joshi.
Net issue to the public is of 45, 73,944 shares of Rs 10 each and reservation of 4, 00,892 shares for employees. The issue would constitute 12.48 per cent of fully diluted post issue paid-up capital.
Out of the net issue, 27, 44,367 shares are reserved for qualified institutional buyers, 4, 57,394 shares for non-institutional investors and 13, 72,183 for retail investors.
The company plans to take the book building route and will be managed by Enam Securities, Morgan Stanley and JM Financial Consultants.
The company specializes in outsourced software product development, offering customers the benefits of offshore delivery. It delivers services across all stages of the product life cycle. It created an innovative suite of time-to-market accelerators and tools.
The issue consists of fresh issue of 40, 08,920 shares and an offer for sale of 9, 65,916 shares by promoters Shridhar Bhalchandra Shukla and Ashutosh Vinayak Joshi.
Net issue to the public is of 45, 73,944 shares of Rs 10 each and reservation of 4, 00,892 shares for employees. The issue would constitute 12.48 per cent of fully diluted post issue paid-up capital.
Out of the net issue, 27, 44,367 shares are reserved for qualified institutional buyers, 4, 57,394 shares for non-institutional investors and 13, 72,183 for retail investors.
The company plans to take the book building route and will be managed by Enam Securities, Morgan Stanley and JM Financial Consultants.
The company specializes in outsourced software product development, offering customers the benefits of offshore delivery. It delivers services across all stages of the product life cycle. It created an innovative suite of time-to-market accelerators and tools.
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