Persistent Systems raises $738M in debt to back Nagarro acquisition
What's the deal? Persistent SystemsDealroom has a profile for this one. Try Dealroom → has approved the allotment of 700,000 non-convertible debentures (NCDs) worth US$950.6M, the Indian software company said on November 4, 2026. The debentures carry an 8.95% coupon and were issued through a private placement approved by a special committee of the board.
How it's structured: The issuance spans six series with tenors of two to five years, maturing between 2028 and 2031. Each debenture has a face value of US$1.36K, and the notes are listed on the National Stock Exchange of India.
What the money is for: Several series are secured by a first-ranking exclusive fixed charge tied to a merger involving Galaxy Germany Holding SE and Nagarro SEDealroom has a profile for this one. Try Dealroom →, the German IT services firm. The remaining series are unsecured.
Why it stands out: At roughly $738 million, the raise ranks in the 95th percentile of post-IPO debt rounds in India over the trailing 48 months, based on a sample of 746 deals. It is a large debt placement for an Indian software company.
The signal: Persistent is turning to listed debt rather than equity to fund cross-border expansion, a route that lets it finance an acquisition without diluting shareholders. The structured, multi-tranche design points to institutional appetite for rated, listed paper from India's IT services sector.
Read more: investywise.com
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