Persistent Systems has accepted the resignation of Cdr. Jayant Shivaji Konde from his role as Senior Vice President – Administration. The departure is effective from the closure of business hours on September 18, 2026.

The company disclosed the change under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing references the SEBI Master Circular dated January 30, 2026.

Konde, who also held the designation of Senior Management Personnel (SMP), cited personal reasons for stepping down. The firm confirmed there was no material reason behind the resignation.

Resignation Details

The resignation was submitted to Mr. Vinit Teredesai, Executive Director and Chief Financial Officer. The disclosure was signed by Amit Murari Atre, Company Secretary.

The exit marks a leadership change in the administration function but does not impact the company’s financial reporting or operational strategy as per the current filing.

Persistent Systems has fixed Friday, September 25, 2026, as the cut-off date for determining shareholder eligibility to vote at its Extra Ordinary General Meeting (EGM). The meeting, scheduled for Monday, October 5, 2026, will seek approval for a USD 1,250 million fundraising programme to finance the proposed acquisition of Nagarro SE.

The company published public notices in Financial Express and Loksatta on September 13, 2026, detailing the hybrid meeting format. Shareholders can attend in person at the Pune headquarters or via Video Conferencing (VC)/Other Audio-Visual Means (OAVM).

Voting Timeline

Remote e-voting will commence on Monday, September 28, 2026, from 9:00 am and conclude on Sunday, October 4, 2026, by 5:00 pm. Only members registered as of the September 25 cut-off date are eligible to cast votes. The voting rights will be proportional to the shareholding on the cut-off date.

Financing Structure

The Board proposes a balanced capital structure comprising debt financing and equity-linked securities. The total funding requirement is capped at USD 1,250 million, allocated as follows:

The equity component, limited to USD 450 million, may be raised through Foreign Currency Convertible Bonds (FCCBs) or Qualified Institutional Placements (QIP). This amount is interchangeable between the two modes but cannot exceed the stated cap within the overall funding limit.

Strategic Context

The fundraising is critical for replacing the interim bridge facility of up to EUR 1.40 billion arranged for the Nagarro acquisition. The explanatory statement notes that Persistent is restricted from entering a Domination and Profit and Loss Transfer Agreement (DPLTA) for two years post-closing. Consequently, the company must fund the transaction at its own level rather than relying on Nagarro's cash flows during this period.

What the Numbers Show

The security creation limit stands at USD 1,375 million, which is 10% above the total fundraising requirement of USD 1,250 million. This buffer allows the company to secure borrowings against its assets while maintaining flexibility in structuring the final debt package. The existing Revolving Credit Facility (RCF) of EUR 350 million at Nagarro, with an outstanding balance of approximately EUR 290 million, will be serviced separately using Nagarro's own cash flows.

Other Business Items

Shareholders will also vote on amending Article 12(iii) of the Articles of Association. The change removes the requirement for a registered valuer's report to determine share prices for preferential issues, aligning the company's constitutional documents with current regulations for listed entities.