Persistent Systems Limited — Capital/Financing Update 2023

Oct 5, 2023

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NSE & BSE / 2023-24 / 128

October 5, 2023

The Manager Corporate Services National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400 051

Ref: Symbol: PERSISTENT

The Manager Corporate Services BSE Limited 14[th] Floor, P J Towers, Dalal Street, Mumbai 400 001

Ref: Scrip Code: 533179

Dear Sir/Madam,

Sub: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

In terms of the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular bearing ref. no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 (‘the SEBI Circular’), we hereby inform you that the Agreement has been executed for the transfer of the business of the Australia Branch of the Company to Persistent Systems Australia Pty Ltd (Step Down Subsidiary in Australia) on October 5, 2023. The requisite disclosure is attached as Annexure A.

This is for your information and record.

Please acknowledge the receipt.

Thanking you,

Yours Sincerely,

For Persistent Systems Limited

Amit

Murari Atre

Digitally signed by Amit Murari Atre Date: 2023.10.05 21:30:52 +05'30'

Amit Atre Company Secretary ICSI Membership No.: A20507

Persistent Systems Limited, Bhageerath, 402 Senapati Bapat Road, Pune 411 016, Maharashtra, India CIN - L72300PN1990PLC056696

Tel: +91 (20) 670 30000 | Fax - +91 (20) 6703 0008 | E-mail - info@persistent.com | Website - www.persistent.com

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Annexure A:

Disclosure in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI Circular

Particulars	Amount
The amount and percentage of the turnover orrevenueor income and net worth contributed by thebranch of the Company during the last financial year	The details ofrevenuecontributed by the AustralianBranch is as follows:(i) Revenue Amount is AUD 7,826,760(ii) % to standalone revenue is 0.85% andconsolidated revenue is 0.52%Net worth Contribution: Nil
Date on which the agreement for sale has beenexecuted	October 5, 2023
Expected date of completion	The business of the Australian Branch shall begradually transferred to the Step-Down Subsidiary inAustralia effective from October 1, 2023.
Consideration received	AUD 2.2 million
Brief details of buyers and whether any of the buyersbelong to the promoter/ promoter group/groupcompanies. Ifyes, details thereof	Not applicable
Whether the transaction would fall within related partytransactions? If yes, whether the same is done at“arm’s length	It is a related party transaction at arm’s length.
Whether the sale, lease or disposal of the undertakingis outside Scheme of Arrangement? If yes, details ofthe same including compliance with regulation 37A ofLODR Regulations.	The agreement is executed for transfer of business ofthe Australian Branch of the Company to the Step-Down Subsidiary in Australia and hence, it does notfall under the purview of the Scheme of Arrangement.Further, provisions of Regulation 37A of the SEBI(Listing Obligations and Disclosure Requirements)Regulations, 2015 are not applicable since theaccounts of the Australian Branch and the Subsidiaryin Australia are consolidated with the Company
Additionally, in case of a slump sale, indicativedisclosures provided for amalgamation/merger, shallbe disclosed by the listed entity with respect to suchslump sale.(Note - "slump sale" shall mean the transfer of one ormore undertakings, as a result of the sale for a lumpsum consideration, without values being assigned tothe individual assets and liabilities in such sales.)	The criteria as set out in the definition of ‘Undertaking’as per the provisions of Section 180 of the CompaniesAct, 2013 is not met and hence Not Applicable.Therefore, the clause of ‘slump sale of theUndertaking’ is not applicable in accordance withSection 180 of the Companies Act, 2013 read withRegulation 37A of SEBI (LODR) Regulations, 2015and clause 1.4 of the SEBI Circular

Persistent Systems Limited, Bhageerath, 402 Senapati Bapat Road, Pune 411 016, Maharashtra, India CIN - L72300PN1990PLC056696

Tel: +91 (20) 670 30000 | Fax - +91 (20) 6703 0008 | E-mail - info@persistent.com | Website - www.persistent.com

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