Persistent Systems: QIP floor price revised to Rs 5,761 apiece; shares react
Persistent Systems' special committee approved the opening of the QIP on October 21 and adopted the preliminary placement document.
- Oct 22, 2026,
- Updated Oct 22, 2026 9:49 AM IST
Persistent Systems Ltd shares rose in Thursday's after the board of IT firm approved raising of up to $450 million through a qualified institutional placement (QIP). The stock gained after Persistent Systems revised the floor price for the issue to Rs 5,761 per equity share from the initially announced Rs 5,550 apiece.
Following the development, Persistent Systems Ltd shares rose 0.34% to Rs 5,887.50 during the session, compared with the previous close of Rs 5,860. The stock opened at Rs 5,755.05 and touched a high of Rs 5,887.50.
The IT services company's special committee approved the opening of the QIP on October 21 and adopted the preliminary placement document. The company subsequently updated its exchange filing to confirm the revised floor price of Rs 5,761 per share under the pricing formula prescribed by the Securities and Exchange Board of India (SEBI).The company may offer investors a discount of up to 5% on the revised floor price, at its discretion. The final issue price will be determined in consultation with the book-running lead managers: J.P. Morgan India, IIFL Capital Services and HSBC Securities and Capital Market (India).
The QIP is intended to raise up to $450 million, equivalent to approximately Rs 4,264.61 crore, based on the RBI/FBIL reference rate of Rs 94.7691 per dollar on October 19. The final amount raised will depend on the issue price and the number of shares allotted.
In a separate disclosure on October 21, CRISIL assigned a rating of 'CRISIL AA+; Rating Watch with Developing Implications' to Persistent Systems’ proposed non-convertible debentures. This is a separate debt-related development and should not be confused with the QIP.
Persistent Systems Ltd shares rose in Thursday's after the board of IT firm approved raising of up to $450 million through a qualified institutional placement (QIP). The stock gained after Persistent Systems revised the floor price for the issue to Rs 5,761 per equity share from the initially announced Rs 5,550 apiece.
Following the development, Persistent Systems Ltd shares rose 0.34% to Rs 5,887.50 during the session, compared with the previous close of Rs 5,860. The stock opened at Rs 5,755.05 and touched a high of Rs 5,887.50.
The IT services company's special committee approved the opening of the QIP on October 21 and adopted the preliminary placement document. The company subsequently updated its exchange filing to confirm the revised floor price of Rs 5,761 per share under the pricing formula prescribed by the Securities and Exchange Board of India (SEBI).The company may offer investors a discount of up to 5% on the revised floor price, at its discretion. The final issue price will be determined in consultation with the book-running lead managers: J.P. Morgan India, IIFL Capital Services and HSBC Securities and Capital Market (India).
The QIP is intended to raise up to $450 million, equivalent to approximately Rs 4,264.61 crore, based on the RBI/FBIL reference rate of Rs 94.7691 per dollar on October 19. The final amount raised will depend on the issue price and the number of shares allotted.
In a separate disclosure on October 21, CRISIL assigned a rating of 'CRISIL AA+; Rating Watch with Developing Implications' to Persistent Systems’ proposed non-convertible debentures. This is a separate debt-related development and should not be confused with the QIP.