Special Committee approves NCD issuance terms up to INR 8,000 Crores for Nagarro SE acquisition
Persistent Systems' Special Committee of the Board met on Friday, October 16, 2026, from 1002 Hrs to 1020 Hrs (IST) and approved the terms of issuance of Non-Convertible Debentures (NCDs) and Commercial Paper as part of long term debt.
By ScoutQuest · · 2 min read
- NCD Issuance Limit
- up to INR 8,000 Crores (INR Eight Thousand Crores only)
- Instruments Approved
- terms of issuance of Non-Convertible Debentures and Commercial Paper
- Purpose of Issuance
- long term debt financing in relation to the acquisition of Nagarro SE
What the company said
Persistent Systems has informed the exchanges that its Special Committee of the Board, at a meeting held on Friday, October 16, 2026, from 1002 Hrs (IST) to 1020 Hrs (IST), considered and approved the terms of issuance of Non-Convertible Debentures and Commercial Paper. The company describes this as part of long term debt financing in relation to the acquisition of Nagarro SE.
The number to note
- The Special Committee approved the terms of issuance of NCDs amounting up to INR 8,000 Crores (INR Eight Thousand Crores only), in accordance with applicable laws.
- The approval covers the terms of issuance of Non-Convertible Debentures and Commercial Paper.
How this approval came about
- The Board of Directors made the recommendation on September 2, 2026.
- The approval of the Members of the Company was sought at the Extraordinary General Meeting held on October 5, 2026.
- The Board, by its resolution dated October 15, 2026, approved the re-constitution of the Special Committee of Directors and its terms of reference, and delegated authority to it.
- Acting under that authority, the Special Committee approved the terms of issuance of the NCDs.
Simple terms
- A Non-Convertible Debenture is a debt instrument. The company borrows money and pays interest on it, and it does not convert into shares.
- Commercial Paper is a short-term debt instrument. The update says the terms of issuance of both NCDs and Commercial Paper were approved.
- Both are forms of borrowing, as opposed to raising money by issuing new shares.
How a retail investor might read this
- The update links this debt financing to the acquisition of Nagarro SE, so it is a financing step connected to that transaction.
- The figure approved is a large one: up to INR 8,000 Crores for NCDs.
- What has been communicated here is the approval of the terms of issuance of these instruments.
Also from Persistent Systems
Q2 FY27 call: revenue USD 487.6 million, EBIT margin 15%, order book USD 633.5 million
23 Oct 2026
ICRA keeps [ICRA]AA+ on Rating Watch Negative for Rs.7,000.0 crore NCDs; assigns [ICRA]A1+ to Rs.1,000.00 crore commercial paper
23 Oct 2026
Persistent Systems QIP of 4,260 crore rupees opened, stock flat
22 Oct 2026
More numbers
- NCD issuance approved up toINR 8,000 Crores
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