Corporate News
Persistent Systems Limited has issued three series of non-convertible debentures totaling INR 23,250 million, with each series comprising 77,500 debentures valued at INR 100,000 apiece. The Series 4, 5, and 6 debentures, all listed on the National Stock Exchange of India Limited, have a five-year tenure, an 8.95% annual coupon rate, and a maturity date of November 4, 2031. The debentures are secured by a fixed charge on a designated proceeds account and pledges over shares of Galaxy Germany Holding SE, Nagarro SE, Target, and the surviving entity following a planned merger, along with investments in AAA-rated debt securities. Default interest penalties include rates above the coupon rate, and the issuance complies with Regulation 30 of the Listing Regulations.