Mid-cap IT stock surges: Persistent Systems share price was trading in the green, up over 1.70 per cent on BSE, soon after the company announced the acquisition of select assets from SoHo Dragon Inc. in a deal valued at $4.7 million, or approximately ₹39 crore, on September 11. This acquisition included specific employees, contractors, and a key customer contract, with the assets expected to generate ₹77 crore in annual revenue. The agreement was finalized on September 10, 2024, and is subject to standard closing conditions, with completion anticipated within 4-8 weeks.
Persistent Systems share price was trading in the green, up 0.74 per cent, at ₹5,313.00, on September 11, at 2:21 pm. The company enjoys a market capitalisation of ₹82,885.44 crore. The stock hit a 52-week high earlier in the day.
The payment structure included an upfront payment of ₹25.6 crore, a maximum earnout of ₹12.4 crore over three years contingent on performance, and ₹1 crore allocated for retaining key personnel. The acquisition further bolsters Persistent’s strategic positioning in the BFSI sector, a key industry for both companies.
Mid-cap IT sector in focus
Meanwhile, a recent analysis by a domestic financial firm, Prabhudas Lilladher, shed light on the current state of India’s IT sector. The report indicated that major IT companies are grappling with a challenging market environment, with these difficulties now extending to mid-sized IT firms. This has led to noticeable fluctuations in their operational results, as reported by Mint.
Poonawalla Fincorp Limited has announced the grant of 300,000 stock options under its Employee Stock Option Plan-2024 – Scheme-II (ESOP-2024 – Scheme-II). The Nomination and Remuneration Committee of the Board approved this grant on September 10, 2024, with an exercise price set at ₹382.63 per option.
The options are part of Tranche 13 and will vest according to the schedule outlined in the ESOP-2024 – Scheme-II. As amended, this grant adheres to the SEBI (Share Based Employee Benefits & Sweat Equity) Regulations, 2021.
The company has communicated this development to the National Stock Exchange of India Limited and BSE Limited, requesting that they note the grant.
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