Persistent Systems to raise over ₹6,000cr NCDs for Nagarro acquisition
Persistent Systems is gearing up to raise over ₹6,000 crore by issuing non-convertible debentures (NCDs) to fund its acquisition of Germany's Nagarro SE.
This new fundraising comes right after it pulled in ₹4,264 crore through a recent share sale.
The NCDs will help Persistent swap out the short-term, 18-month bridge financing commitment from Barclays for more stable, longer-term funding, with HSBC and Barclays backing the deal.
Persistent Systems secures 94% of Nagarro
This Nagarro acquisition is one of the largest overseas expansions by an Indian IT company: Persistent had secured 94% of Nagarro shares.
Part of the money might be raised through a quick one-year commercial paper, but most will go toward keeping things steady and supporting future growth.
It's a bold step that shows Persistent isn't just thinking about now. It's planning for long-term success.