Persistent raises Rs 7,600 crore to wrap up funding for Nagarro SE deal
Benchmarks Nifty23,960.60149.75FEATURED FUNDS★★★★★Motilal Oswal Midcap Fund Direct-Growth5Y Return18.38 % Invest NowFEATURED FUNDS★★★★★UTI Aggressive Hybrid Fund Regular Plan-Growth5Y Return9.24 % Invest NowEnter search…
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.
Bonds Corner Powered By Indian bonds rally most since April as oil slides after US midterm verdict
Indian government bonds experienced a significant rally influenced by falling oil prices after the US midterm elections. The benchmark bond yield dropped notably, reflecting a three-day decline in yields. Brent crude oil prices decreased, easing inflation and fiscal pressures on India. The Reserve Bank of India anticipates inflation will peak this quarter, supporting future bond market performance.
Beyond Equity: Jiraaf’s Saurav Ghosh on how to customise your portfolio, and the importance of bondsOil slide, Treasury strength boost Indian bondsETMarkets Smart Talk| FDs, government bonds or debt mutual funds: How should investors choose in today's market?Corporate bond issuances top Rs 17,000 crore as yields ease Browse all Bonds News withRead more: India's stock market volatility since last Diwali saw 60 stocks lose up to 96%
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.
Live Events
Read more: Diwali 2026: Will Sensex, Nifty reclaim their peaks or scale new highs? Analysts map the road ahead
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.
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our ETMarkets WhatsApp channel)
Read More News onpersistent systemsjubilant pharmovaPersistent SystemsNagarro SEfundraisingbond issuecommercial paperIT companyaxis bank
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...moreless(You can now subscribe to our ETMarkets WhatsApp channel)
Read More News onpersistent systemsjubilant pharmovaPersistent SystemsNagarro SEfundraisingbond issuecommercial paperIT companyaxis bank
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
...morelessPrime ExclusivesInvestment IdeasStock Report PlusePaperWealth EditionSome elections matter more than you know: No crop changed in the fields, yet sugar, coffee and soya got cheaper in a day
You can buy a walkie-talkie online. But can you legally use it?
KYB and KYC: Quick commerce, the Damani premium and what DMart must deliver – 3rd and concluding part
KYC and KYB: Inside Damani’s DMart, the retail chain for the middle class. And stock for the long term? – Part 2 of 3
Will it be a regulatory nightmare if an exchange lists on its own platform?
KYC and KYB: Inside Damani’s Avenue Supermarts that refuses to charge more – Part 1 of 3
- 1
- 2
- 3
& personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions &
in-depth stock reportsSubscribe NowET
Unlock Access to All Exclusives with ETPrime FREE TRIAL
15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers
Trial offer expiring in00 : 05 : 00
I'd rather pay ₹2599 nowUh-oh! This is an exclusive story available for selected readers only.
Worry not. You’re just a step away.
Prime Account Detected!
It seems like you're already an ETPrime member with
Login using your ET Prime credentials to enjoy all member benefits
Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.
Unlock ETPrime's Exclusive Stories Today!
Big Price Drop! Flat 40% Off
Student Only OfferAlready a Member? Sign In nowAlready a Member? Sign In nowAlready a Member? Sign In nowOffer Exclusively For You
Save up to Rs. 700/-
ON ET PRIME MEMBERSHIP
Avail OfferOffer Exclusively For You
Get 1 Year Free
With 1 and 2-Year ET prime membership
Avail OfferOffer Exclusively For You
Get 1 Year Free
With 1 and 2-Year ET prime membership
Avail OfferOffer Exclusively For You
Get Flat 40% Off
Then ₹ 1749 for 1 year
Avail OfferOffer Exclusively For You
ET Prime at ₹ 49 for 1 month
Then ₹ 1749 for 1 year
Avail OfferSpecial Offer
Get flat 40% off on ETPrime
Avail OfferAvail OfferClaim NowAlready a Member? Sign In nowNeed Assistance?
Connect with an ETPrime expert for personalized support and guidance
+91 9484700004'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '' + h3 + '
' + h4 + '
- ' + listing + '
What’s Included with
ETPrime Membership
1Exclusive Insights That Matter
Uncover the truth with our investigative stories
Make strategic moves using the real-world case studies
Read industry-specific stories to identify emerging trends
Spot opportunities with in-depth insights that matter
Trump temper on H-1B visas is forcing Indians to do these things to stay put in US
What Adani’s US indictment means for India Inc’s overseas fundraising
Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.
Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?
Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?
The problem with lab grown diamonds
Why a falling rupee is a better option for the economy
A list of top 20 momentum stocks that have delivered massive returns in one year
2Invest Wisely With Smart Market Tools & Investment Ideas
Alpha Trade
Get daily trade ideas from SEBI-registered research analysts.
Investment Ideas
Grow your wealth with stock ideas & sectoral trends.
Stock Reports Plus
All-in-one stock research with Stock Score, peer comparison & key signals.
BigBull Portfolio
Get to know where the market bulls are investing to identify the right stocks.
Stock Analyzer
Check the score based on the company's fundamentals, solvency, growth, risk & ownership to decide the right stocks.
Market Mood
Analyze the market sentiments & identify the trend reversal for strategic decisions.
Stock Talk Live at 9 AM Daily
Ask your stock queries & get assured replies by ET appointed, SEBI registered experts.
3Stay informed anytime, anywhere with ET ePaper
ePaper - Print View
Read the PDF version of ET newspaper. Download & access it offline anytime.
ePaper - Digital View
Read your daily newspaper in Digital View & get it delivered to your inbox everyday.
Wealth Edition
Manage your money efficiently with this weekly money management guide.
TOI ePaper
Read the PDF version of TOI newspaper. Download & access it offline anytime.
Deep Explainers
Explore the In-depth explanation of complex topics for everyday life decisions.
Health+ Stories
Get fitter with daily health insights committed to your well-being.
Personal Finance+ Stories
Manage your wealth better with in-depth insights & updates on finance.
5Enjoy Complimentary Subscriptions From Top Brands
Stream new documentaries from all across the world every day.
Stories you might be interested in
Figures reflect the source report and its stated period. This article is for information and is not investment advice.
