Persistent Systems Limited has approved the allotment of 700,000 Non-Convertible Debentures (NCDs), aggregating to INR 70 billion. These debentures, carrying an interest rate of 8.95% per annum, are being issued on a private placement basis. The company has detailed the terms for five series of these NCDs, with maturities ranging from 2 to 5 years, and has outlined the associated security and payment schedules for each series.
Persistent Systems Allots INR 70 Billion in NCDs
Persistent Systems Limited announced today the approval of the allotment of 700,000 INR denominated, senior, rated, listed and redeemable non-convertible debentures (NCDs). The total value of this issuance amounts to INR 70 billion, with each debenture having a face value of INR 0.10 million. This significant financing activity was approved by the Special Committee of the Board of Directors on November 4, 2026.
Debenture Series Details
The issuance is structured into five series, each with distinct tenors and payment schedules:
Series 1 Debentures
- Type: 8.95% Persistent Systems Limited 2028
- Size: 150,000 NCDs aggregating to INR 15,000 million
- Tenure: 2 years from allotment (Allotment: November 4, 2026; Maturity: November 4, 2028)
- Coupon: 8.95% per annum
- Security: Secured by a first ranking exclusive fixed charge, among other provisions related to a merger with Galaxy Germany Holding SE (Bidco) and Nagarro SE (Target).
Series 2 Debentures
- Type: 8.95% Persistent Systems Limited 2029
- Size: 150,000 NCDs aggregating to INR 15,000 million
- Tenure: 3 years from allotment (Allotment: November 4, 2026; Maturity: November 4, 2029)
- Coupon: 8.95% per annum
- Security: Secured by a first ranking exclusive fixed charge, similar to Series 1, prior to the merger of Bidco and Target.
Series 3 Debentures
- Type: 8.95% Persistent Systems Limited 2030
- Size: 125,000 NCDs aggregating to INR 12,500 million
- Tenure: 4 years from allotment (Allotment: November 4, 2026; Maturity: November 4, 2030)
- Coupon: 8.95% per annum
- Security: Unsecured.
Series 4 Debentures
- Type: 8.95% Persistent Systems Limited 2031
- Size: 125,000 NCDs aggregating to INR 12,500 million
- Tenure: 5 years from allotment (Allotment: November 4, 2026; Maturity: November 4, 2031)
- Coupon: 8.95% per annum
- Security: Unsecured.
Series 5 Debentures
- Type: 8.95% Persistent Systems Limited 2030
- Size: 72,500 NCDs aggregating to INR 7,250 million
- Tenure: 4 years from allotment (Allotment: November 4, 2026; Maturity: November 4, 2030)
- Coupon: 8.95% per annum
- Security: Secured by a first ranking exclusive fixed charge, similar to Series 1 and 2, prior to the merger of Bidco and Target.
Series 6 Debentures
- Type: 8.95% Persistent Systems Limited 2031
- Size: 77,500 NCDs aggregating to INR 7,750 million
- Tenure: 5 years from allotment (Allotment: November 4, 2026; Maturity: November 4, 2031)
- Coupon: 8.95% per annum
- Security: Secured by a first ranking exclusive fixed charge, similar to Series 1, 2, and 5, prior to the merger of Bidco and Target.
The debentures are listed on the National Stock Exchange of India Limited. The terms also detail provisions for delay in payment of interest or principal, including accrual of additional interest.
Source: BSE
