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Persistent Systems, a Pune-based Software product development services firm, has renewed its plan to enter the capital markets. The company has filed a draft red herring prospectus with SEBI. The issue consists of 54 lakh equity shares of Rs. 10 each of which approximately 5.4 lakh shares will be reserved for eligible employees.
This DRHP is the company’s third attempt at entering the capital markets. Persistent filed a DRHP in 2007, and again, in 2008 but did not launch the IPO due to adverse market conditions caused by the global economic slowdown.
The legal counsels to the company were Kanga & Co. led by Partner Preeti Mehta, assisted by Partner Chetan Thakkar and Associates Shuchii Khanna and Nazneen Ichhaporia. Amarchand Mangaldas, Bangalore, were the legal advisors to the Book Running Lead Managers, Enam Securities and J.P Morgan. Like the domestic advisors, Dorsey & Whitney, the international counsel to the issue, have been retained through the re-filings.
Persistent’s Company Secretary and Compliance Officer Vikram Sadhale handled all the in-house compliance and legal issues.