Apax Picks Up 1.5% in Per­sis­tent for 58 crore

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The Economic Times - - Companies - MAD­HAV CHAN­CHANI

Pri­vate eq­uity ma­jor Apax Part­ners has bought a 1.5% stake in soft­ware prod­ucts and ser­vices provider Per­sis­tent Sys­tems in a pub­lic mar­ket trans­ac­tion. The deal val­ued at .` 57.84 crore sig­nals in­creased in­ter­est in the In­dian tech­nol­ogy ser­vices in­dus­try by the in­vest­ment firm. The lat­est trans­ac­tion was routed through PCV LuX SCA, a for­eign in­sti­tu­tional in­vestor sub-ac­count reg­is­tered with Apax ac­cord­ing to mar­ket reg­u­la­tor, Sebi. The shares were bought for .` 963-965 a-piece on the Bom­bay Stock Ex­change and the Na­tional Stock Ex­change on Fri­day last. Apax Part­ners In­dia head Shashank Singh did not re­ply to an email query on the de­vel­op­ment. Per­sis­tent re­ported 3.2% QoQ in­crease in rev­enues to .` 446.7 crore for the last quar­ter of FY14, while net profit rose 4.7% to .` 67.2 crore in the same pe­riod.

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