Persistent Systems raises ₹7,600cr via bonds to buy Germany-based Nagarro
Business
Persistent Systems just raised ₹7,600 crore to buy Germany-based Nagarro SE, using bonds that were so popular they got nearly double the demand.
The high 8.95% interest rate caught the eye of big investors like mutual funds and insurance companies.
They also picked up an extra ₹600 crore through a short-term commercial paper at 8.75%.
Persistent Systems completes Nagarro deal funding
This fundraising is the final step in paying for the Nagarro deal announced in June.
The money is split across two- to five-year bonds, with some set aside for general business needs.
Earlier, Persistent had already secured ₹4,264 crore via an institutional placement (now converted into foreign currency) to help make this major global tech move happen.