Persistent Systems board approves $1.25 billion fundraise plan

Persistent Systems' board approved raising up to $1.25 billion through long-term debt financing, subject to shareholder and regulatory approvals. The company may also raise an additional $450 million via equity-linked instruments. The debt raise will use external commercial borrowings and non-convertible debentures, while the equity portion may involve foreign currency convertible bonds, a preferential issue, or a qualified institutional placement. The company reported record quarterly bookings of $1.15 billion in Q1, though net profit fell 8.7% due to forex losses. Promoters hold a 30.29% stake in the IT firm. Shares have gained 21% over six months but are down 9% year-to-date, while rising over 200% in the last five years.