Persistent Systems allots 7.68 million shares at 3.66% discount
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On the reaction day the stock moved 1.2 pts less than Nifty Midcap 150 and 0.7 pts less than its Computers - Software & Consulting peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Persistent Systems allotted 7,683,981 shares to qualified institutions at Rs5,550 each, a 3.66% discount to the regulatory floor price, raising about Rs426.46 crore. The issue ran from October 21 to 26. Shares outstanding rose from 158.15 million to 165.83 million, a 4.86% increase. ICICI Prudential Technology Fund and Government Pension Fund Global were larger allottees.
Raises about Rs426.46 crore and signals institutional demand, but the 4.86% rise in share count may dilute existing holders.