Persistent Systems Board Approves Up to $1.25B Debt Financing

Persistent Systems Ltd announced that its Board of Directors has approved significant long-term debt financing options. The company can raise up to USD 1,250 million through various instruments including External Commercial Borrowing (ECB) and Non-Convertible Debentures (NCDs). Additionally, up to USD 450 million may be raised through securities like equity shares, convertible debt, FCCBs, QIP, or preferential issues. These proposals are subject to shareholder and regulatory approvals. The board also approved alterations to the Articles of Association concerning 'Further Issue of Shares'. This strategic move aims to bolster the company's financial flexibility and growth capabilities.