Persistent Systems Ltd has acquired an additional 13,35,114 shares of Nagarro SE during the additional acceptance period of its voluntary public takeover offer, making the total shareholding in the German company to approximately 94.04%.
In an exchange filing on Friday, October 9, Persistent Systems said, "During the additional acceptance period, a further 1,335,114 Nagarro shares were tendered into the Offer.
Along with the 75,68,145 Nagarro shares were secured during the initial acceptance period, a total of 89,03,259 shares have now been tendered into the offer, marking approximately 71.94% of the share capital ( excluding treasury shares) and voting rights of Nagarro.
Combined with the nearly 22.10% stake already secured by Persistent under the share purchase agreement with Lantano Beteiligungen GmbH, the Pune based company has secured approximately 94.04% of the share capital and voting rights of Nagarro. "This result significantly exceeds the minimum acceptance threshold of 50% plus one share required for the Offer to be completed," the filing read.
Persistent, having secured more than 90% of Nagarro's share capital and voting rights, plans to begin the process of acquiring the remaining shares held by Nagarro's minority shareholders after the deal is completed. However, no final decision has been taken yet.
The company is expecting the transaction to close by the end of first quarter of clanedar year 2027, subject to only a limited number of outstanding regulatory approvals.
READ | Persistent Systems EGM Verdict: Shareholders Approve Plan To Raise Up To Rs 11,800 Crore
Speaking on the offer, Sandeep Kalra, Chief Executive Officer and Executive Director, Persistent Systems said, “The final results of our offer for Nagarro are a clear endorsement of the strategic logic behind bringing Persistent and Nagarro together. We now look forward to completing the remaining steps toward closing. Together, we will build the global AI-led digital engineering player we envision.”
Recently, Persistent Systems shareholders approved a plan to raise the company's borrowing limit to up to $1.25 billion, or around Rs 11,800 crore, according to the outcome of its extraordinary general meeting.
The IT services company may raise up to $1.25 billion through long-term debt financing, while separately considering a fundraise of up to $450 million through equity shares, convertible securities or other permitted instruments.
The $450 million fundraising plan may involve equity dilution. According to a separate exchange filing, the issue may be undertaken through foreign currency convertible bonds, a preferential issue, a qualified institutional placement or other permitted routes.
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