March 17, 2010 - March 19, 2010

Persistent Systems IPO Basis of Allotment

Persistent Systems Limited

Registered Office: Bhageerath, 402, Senapati Bapat Road, Pune 411 016, Maharashtra,
India; Tel: (91 20) 3024 2000; Fax: (91 20) 2565 7888 Company Secretary and Compliance
Officer: Vivek Sadhale; Email: investors@persistent.co.in; Website: www.persistentsys.com
Promoters: Our Company is promoted by Dr. Anand Deshpande and S. P. Deshpande

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 5,419,706 EQUITY SHARES OF RS. 10 EACH OF PERSISTENT SYSTEMS LIMITED (THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS. 310 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 300 PER EQUITY SHARE) CONSISTING OF A FRESH ISSUE OF 4,139,000 EQUITY SHARES AND AN OFFER FOR SALE OF 1,280,706 EQUITY SHARES BY DR. SHRIDHAR BHALCHANDRA SHUKLA AND VIJAYALAXMI SHRIDHAR SHUKLA (HOLDING SHARES JOINTLY) AND ASHUTOSH VINAYAK JOSHI (COLLECTIVELY KNOWN AS 'THE SELLING SHAREHOLDERS'), AGGREGATING UP TO RS. 1680.11 MILUON (THE 'ISSUE'). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 4,877,730 SHARES OF RS. 10 EACH (THE 'NET ISSUE') AND A RESERVATION OF UP TO 541,976 EQUITY SHARES OF RS. 10 EACH FOR ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION'). THE ISSUE WILL CONSTITUTE 13.55% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY AND THE NET ISSUE WILL CONSTITUTE 12.19% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. THE EQUITY SHARES ARE PROPOSED TO BE LISTED ON THE NATIONAL STOCK EXCHANGE OF INDIA ('NSE') AND BOMBAY STOCK EXCHANGE LIMITED ('BSE').

THE ISSUE PRICE IS RS. 310. THE FACE VALUE OF THE EQUITY SHARES IS RS. 10 AND THE ISSUE
PRICE IS 31 TIMES OF THE FACE VALUE.

THE MINIMUM LOT SIZE IS 20 SHARES

The Issue is made through the 100% Book Building Process wherein at least 60% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was to be specifically allotted to mutual funds), further, up to 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 25% of the Issue shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.
The Issue received 146,371 applications for 503,556,520 equity shares resulting in 92.91 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Retail Individual Investor and Employee categories are as under: (Before technical rejections)

Category	No. of Applications	No. of Shares	No. of times subscription
Qualified Institutional Buyers	240	420,318,080	143.6181
Non Institutional Investors	374	52,048,540	106.7065
Retail Individual Investors	144,132	30,849,300	21.0817
Employee Investors	1,625	340,600	0.6234
Total	146,371	503,556,520

Final Demand
A summary of the final demand at different bid prices is as under:

Bid Price	No. of Shares	% to total	Cumulative Total	Cumulative % to Total
290	2,522,720	0.4927	512,069,820	100.0000
291	4,320	0.0008	509,547,100	99.5073
292	1,980	0.0004	509,542,780	99.5065
293	180	0.0000	509,540,800	99.5061
294	10,000	0.0020	509,540,620	99.5061
295	5,560	0.0011	509,530,620	99.5041
296	200	0.0000	509,525,060	99.5030
297	460	0.0001	509,524,660	99.5030
298	540	0.0001	509,524,400	99.5029
299	860	0.0002	509,523.860	99.5028
300	2,410,840	0.4708	509,523,000	99.5026
301	1780	0.0003	507,112,160	99.0318
302	140	0.0000	507,110,380	99.0315
303	680	0.0001	507,110,240	99.0315
304	320	0.0001	507,109,560	99.0313
305	7,900	0.0015	507,109.240	99.0313
306	320	0.0001	507,101,340	99.0297
307	320	0.0001	507,101,020	99.0297
308	760	0.0001	507,100,700	99.0296
309	720	0.0001	507,099,940	99.0295
310	477,923,700	93.3317	507,099,220	99.0293
CUTOFF	29,175,520	5.6976	29,175,520	5.6976
TOTAL	512,069,820	100.0000

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited ('NSE') on March 29, 2010.

A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the employees of Persistent Systems Limited, who have bid at cut-off or at the Issue Price of Rs.310/- per Equity Share, was finalized in consultation with NSE. The total number of shares allotted in this category is 3,34,760. The undersubscribed portion of 207,216 equity shares have been spilled over to QIBs. Non-Institutional Bidders and Retail Individual Investor Category in the ratio of 60:10:30.

B. Allocation to Retail Individual Investors (Including ASBA Applications) (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.310/- per Equity Share was finalized in consultation with NSE. This category has been over-subscribed to the extent of 21.0817 times and hence allotment was done on full and firm basis to all valid applicants. Overall 142,348 applications for 30,604,620 Equity Shares were found valid and they were considered for allotment. The above includes 26,244 valid applications for 5,635,820 Equity Shares made under the ASBA process. The total number of shares allotted in Retail Individual Investor category is 1,525,480 Equity Shares to 76,274 applicants.

C. Allocation to Non-lnstitutional Investors (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Issue Price of Rs.310/- per Equity Share was finalized in consultation with NSE. This category has been over-subscribed to the extent of 106.7065 times. Overall 374 applications for 52,048,540 Equity Shares were found valid and they were considered for allotment. The total number of Equity Shares allotted in this category is 508,495 (including spill over of 20,722 Equity Shares from other categories) to 272 applicants. The category-wise details of the Basis of Allocation (sample) are as under:

No. shares applied for (Category wise)	No. of Samples	% to Total	Total No. of Shares applied	% to Total	No. of Shares allocated	Ratio	Total No. of Shares allocated
340	17	4.84	5,780	0.01	20	3:17	60
360	2	0.57	720	0.00	20	1:2	20
380	4	1.14	1,520	0.00	20	1:4	20
400	10	2.85	4,000	0.01	20	1:5	40
420	6	1.71	2,520	0.00	20	1:6	20
440	3	0.85	1,320	0.00	20	1:3	20
460	1	0.28	460	0.00	20	1:1	20
480	5	1.42	2,400	0.00	20	1:5	20
500	17	4.84	8,500	0.02	20	4:17	80
600	3	0.65	1,800	0.00	20	1:3	20
620	1	0.28	620	0.00	20	1:1	20
640	6	1.71	3,840	0.01	20	1:3	40
660	2	0.57	1,320	0 00	20	1:2	20
700	1	0.28	700	0.00	20	1:1	20
720	1	0.28	720	0.00	20	1:1	20
800	2	0.57	1,600	0.00	20	1:2	20
960	7	1.99	6,720	0.01	20	3:7	60
1000	22	6.27	22,000	0.04	20	1:2	220
1080	1	0.28	1,080	0.00	20	1:1	20
1200	1	0.28	1,200	0.00	20	1:1	20
1240	1	0.28	1,240	0.00	20	1:1	20
1260	2	0.57	2,560	0.00	20	1:2	20
1300	2	0.57	2,600	0.01	20	1:2	20
1320	1	0.28	1,320	0.00	20	1:1	20
1500	5	1.42	7,500	0.01	20	4:5	80
1600	14	3.99	22,400	0.04	20	11:14	220
1620	2	0.57	3,240	0.01	20	1:1	40
1860	1	0.28	1,860	0.00	20	1:1	20
16120	6	1.71	96,720	0.19	158	1:1	948
400000	1	0.28	400,000	0.77	3,912	1:1	3,912
483840	1	0.28	483,840	0.93	4,731	1:1	4,731
2903220	1	0.28	2,903,220	5.58	28,390	1:1	28,390

The Basis of Allocation to the Qualified Institutional Investors, who have bid at the Issue Price of Rs.310/- per Equity Share or above, was finalized in consultation with NSE Overall 240 applications for 420,318,080 Equity Shares were found valid and they were considered for allotment (including spill over of 2,926,638 Equity Shares from other categories).

Category	Flls	Fls/Banks	MFs	INC/VCs	Total
No. of Equity Shares	1,958,982	376,463	564,034	151,492	3,050,971

The Board of Directors of the Company at its meeting held on March 30, 2010 has approved the basis of allocation of Equity Shares of the Issue and has allotted the Shares to various successful applicants.

The CAN-cum-Refund Orders and Refund credit advice have been dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. The Equity Shares allocated to successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned.
The Equity Shares of the Company shall be listed and admitted for trading on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on or before April 6, 2010.
Note: All capitalised terms used and not defined herein shall have the same meaning assigned to them in the Prospectus dated March 23, 2010 ('�Prospectus').

INVESTORS PLEASE NOTE
These details of the allocation made would be hosted on the website of Registrar to the Issue, Link Intimes India Private Limited, website: www.linklntime.co.in

All future correspondences in this regard may kindly be addressed to the Registrars to the Issue quoting full name of the Firs/Sole applicant, Serial number of the bid-cum-application form, number of Equity Shares Bid for, name of the Member of the Syndicate and place where the Bid was submitted and payment details at the address given below:

Link Intime India Private Limited
C13,Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West)
Mumbai 400 078. Maharashtra, India
Tel: (91 22) 2596 0320 Fax: (91 22) 2596 0329
Email: psl.ipo@linkintime.co.in Website: www.linkintime.co.in
Contact Person: Sachin Achar SEBI Registration No: INR000004058

Place: Pune Date: March 31, 2010	For Persistent Systems Limited Sd/- Vivek Sadhale Company Secretary & Head - Legal

Persistent Systems IPO Basis of Allotment FAQs

The IPO allocation is based on the subscription level and the investor category.

Refer to IPO allotment rules and methods for more details.

See the basis of allotment document above to know how the shares are allocated in Persistent Systems IPO .

The Persistent Systems IPO basis of allotment (published above) tells you how shares are allocated to you in Persistent Systems IPO and category wise demand of IPO share.

Visit the Persistent Systems IPO allotment status page to check the number of shares allocated to your application.

In Persistent Systems IPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.

For more information, please refer to IPO Allotment Process and Basis of Allotment.

Check the Persistent Systems IPO basis of allotment document to know how the shares are allocated in Persistent Systems IPO.

Persistent Systems IPO Basis of Allotment

Persistent Systems IPO Basis of Allotment FAQs

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