Persistent Systems Limited’s Special Committee has approved terms for issuing non-convertible debentures worth up to ₹8,000 crore and commercial paper of up to ₹1,000 crore. The approval followed an Extraordinary General Meeting and prior board authorisations.
BKK Bureau, New Delhi | 17 October 2026 | 11:26 AM IST
Persistent Systems Limited has approved a fundraising plan involving securities worth up to ₹9,000 crore, according to a filing with the National Stock Exchange of India. The plan comprises non-convertible debentures, or NCDs, of up to ₹8,000 crore and commercial paper of up to ₹1,000 crore.
The terms of the proposed issuances were approved by the Special Committee of the company’s Board of Directors. The committee acted under authority delegated by the board through a resolution dated October 15, 2026, which also approved the reconstitution of the Special Committee and its terms of reference.
The company’s filing states that the fundraising process follows a recommendation made by the Board of Directors on September 2, 2026. It also follows approval sought from and received from the company’s members at an Extraordinary General Meeting held on October 5, 2026.
Two debt instruments
The larger component of the programme is the proposed issuance of NCDs with an aggregate value of up to ₹8,000 crore. The filing classifies these as non-convertible debentures and identifies the National Stock Exchange of India Limited in the relevant issuance details.
The second component is a commercial paper programme of up to ₹1,000 crore. The exchange filing records the commercial paper amount and related issuance information, including figures of 20,000 units and a face value of ₹1,000 crore in the reported disclosure.
The filing does not present the programme as a completed allotment or disbursement. Instead, it records the approval of the issuance terms by the authorised committee. Details such as the applicable terms, conditions and other issue-specific information are to be set out in the key information document or offer document, as applicable.
Approval sequence
The sequence disclosed by Persistent Systems shows three stages of authorisation: the board’s recommendation in September, member approval at the October 5 Extraordinary General Meeting, and the Special Committee’s approval after its reconstitution and delegated authority were recorded on October 15.
The company informed the exchange about the approval on October 16, 2026, with the NSE filing published on October 17. The disclosure was submitted under the exchange’s reporting category for alteration of capital and fundraising.
The proposed instruments are separate from equity issuance because both NCDs and commercial paper are non-equity securities. The filing, however, only establishes the approved ceiling for the two programmes and does not state that the entire approved amount has been raised.
Persistent Systems has therefore received internal and shareholder-level approvals to proceed with debt-market fundraising up to the disclosed limits, subject to the terms and documentation identified in the company’s filing. Any issue-specific details are to be provided through the applicable key information or offer documents.
Why it matters
The approval gives Persistent Systems a sanctioned framework to raise up to ₹9,000 crore through two debt-market instruments. It also marks a formal progression from board recommendation and shareholder approval to committee-level approval of the issuance terms, while the filing makes clear that the disclosed amounts are authorised limits rather than evidence of a completed fundraise.
Source: National Stock Exchange of India
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