Reserve Bank of India (RBI) has allowed Persistent Systems to raise its foreign investment limit up to 49% of paid-up capital. The company has already has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs).
The RBI has further notified that the foreign shareholding by FIIs/RFPIs in Persistent Systems have gone below the revised threshold limit. Therefore, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Persistent Systems is a global company specializing in software product and technology services. Persistent develops best-in-class solutions in key next-generation technology areas including Analytics, Big Data, Cloud Computing, Mobility and Social, for the telecommunications, life sciences, healthcare, and banking & financial services verticals