New Delhi, 21 October: IT services company Persistent Systems has launched a Qualified Institutional Placement (QIP) to raise up to Rs 4,265 crore, or approximately USD 450 million, as part of its fundraising initiative.
The company has fixed the floor price at Rs 5,550 per equity share, according to a regulatory filing submitted to the stock exchanges on Wednesday, October 21.
Board Committee Approves QIP
Persistent Systems said its special committee of the board approved the opening of the QIP, along with the floor price and preliminary placement document.
The fundraising exercise will involve issuing equity shares to eligible institutional investors in accordance with applicable regulatory requirements.
The company stated that the total issue size would be up to USD 450 million, equivalent to Rs 4,264.61 crore.
This amount was calculated using the RBI/FBIL reference exchange rate of Rs 94.7691 per US dollar as of October 19, 2026.
Floor Price And Discount Details
The company has determined the floor price of Rs 5,550 per equity share using the pricing formula prescribed under the Securities and Exchange Board of India’s (SEBI) ICDR Regulations.
Persistent Systems may offer a discount of up to 5 per cent on the floor price.
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Shareholders had approved this provision through a special resolution passed on October 5, 2026.
However, the final issue price has not yet been announced.
Who Will Manage The Issue?
The final QIP price will be determined by Persistent Systems in consultation with its book-running lead managers.
JP Morgan India, IIFL Capital Services and HSBC Securities and Capital Markets (India) have been appointed to manage the fundraising exercise.
A QIP allows listed companies to raise capital from qualified institutional buyers without launching a public offering.
The company has not disclosed the final number of shares to be issued, which will depend on the eventual issue price.
