Apax Picks Up 1.5% in Persistent for 58 crore
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.