Persistent Systems shares fall over 3% as board gives nod for $1.25 billion fundraise. Check details

Shares of Persistent Systems declined over 3% to their day’s low of Rs 5,500 on the BSE on Thursday after the company announced its board of directors have approved plans to raise up to $1.25 billion through long-term debt financing and other eligible instruments.

The board approved borrowing up to $1,250 million through external commercial borrowings (ECB), non-convertible debentures (NCDs) and other similar instruments. The fundraise can occur in one or more tranches, subject to shareholder and regulatory approvals.