Persistent Systems sets IPO band at 290-310 rupees per share

Software developer Persistent Systems Ltd on Monday set a price band of 290-310 rupees a share for its 5.4-million-share initial public issue, a company official said on Monday.

Software developer Persistent Systems Ltd on Monday set a price band of 290-310 rupees a share for its 5.4-million-share initial public issue, a company official said on Monday.

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The offer consists of a fresh issue of 4.1 million shares, with the rest being sold by some existing individual investors, as per initial documents filed by the firm. The total issue would make up 13.55 percent of the post-issue capital.

The issue opens on March 17 and closes on March 19, company secretary Vivek Sadhale said over the telepohone.

The proceeds will be mainly used for expanding its development facilities, procuring hardware and to capitalise the company's subsidiaries, it said in the filing.

Enam Securities Pvt Ltd and J.P. Morgan India Pvt Ltd are the managers to the issue.

For the year ended March 31 2009, Persistent reported a net profit of 667.6 million rupees on total income of 6 billion rupees, as per the filing.