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Mumbai, Nov. 16

Persistent Systems Ltd has filed its Draft Red Herring Prospectus (DRHP) with SEBI to issue 49.74 lakh equity shares of Rs 10 each. This includes an offer for sale of 9.65 lakh equity shares by the shareholders. The proceeds from the issue will be used to develop facilities, procure hardware and software, fund expenditure for general corporate purposes and to achieve the benefits of listing on the stock exchanges, said Mr Anand Deshpande, Managing Director & CEO. The net issue to the public will be 45.74 lakh equity shares, while up to four lakh shares are reserved for eligible employees.

The issue would constitute 12.48 per cent of the fully diluted post-issue paid up capital of the company and the net issue will constitute 11.47 per cent of the fully diluted post-issue paid up capital of the company. —

Our Bureau

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