Nature and Purpose of the Meeting

The Special Committee of Board of Directors meeting was convened to approve matters related to the Qualified Institutional Placement (QIP) fund raising. The meeting was held in continuation of previous communications regarding this fund raising initiative.

Details of Resolutions Passed

The Committee approved three key matters:

  • Authorizing the opening of the QIP Issue on October 21, 2026
  • Approving the floor price of INR 5,550 per Equity Share based on SEBI ICDR Regulations pricing formula
  • Approving and adopting the Preliminary Placement Document dated October 21, 2026, together with the application form

The Committee fixed October 21, 2026 as the 'relevant date' for the Issue in terms of Regulation 171(b)(i) of SEBI ICDR Regulations.

The final Issue price will be determined in consultation with the book running lead managers: J. P. Morgan India Private Limited, IIFL Capital Services Limited (formerly IIFL Securities Limited), and HSBC Securities and Capital Market (India) Private Limited.

Financial Impact

The Issue size will comprise Equity Shares aggregating up to USD 450 million, equivalent to INR 42,646.10 million. This computation is based on the RBI/FBIL reference rate of INR 94.7691 per USD as on October 19, 2026.

Timing of the Meeting

The meeting commenced at 1846 Hrs (IST) and concluded at 1851 Hrs (IST) on Wednesday, October 21, 2026.

Compliance References

The document references multiple regulations:

  • Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • SEBI ICDR Regulations, specifically Regulation 171(b)(i) and Regulation 176(1)
  • The Company's Code of Conduct for Prevention of Insider Trading

Other Material Disclosures

The trading window remains closed for Promoters, Promoter Group, Board of Directors, Key Managerial Personnel, Designated Persons, and Connected Persons of the Company until further notice.

The Preliminary Placement Document dated October 21, 2026, is available on the company website at https://www.persistent.com/wp-content/uploads/2026/10/Pre-Placement-Document-2026.pdf

Information Not Covered

The document does not specify:

  • The exact number of equity shares to be issued
  • The specific use of proceeds from the QIP
  • Timeline for completion of the QIP process