Bangalore: Renowned venture capitalist firm, Norwest Partners has officially offloaded 6.64 percentage stake in Persistent Systems, a software product and technology innovation company. The VC firm has just about 1.80 percent shares left in the company which means that they have almost exited from the investment made since 2005, reports businessstandard. 

It is reported that Norwest partners would have made at least five times on this round of selling stakes. NVP’s 6.64 percent stake in the company would be worth around 128 to 130 crores. This investing firm has been pushing away the shares since November 2012. It had around 13.51 percent stake in the company during September and it sold 5.07 percent for 100 crores.

“NVP is a VC and they have an investment cycle. They have completed seven years being invested in the company so the exit was about to happen. They remained invested in the company even three years after its public listing,” said a senior executive of the company as reported by businessstandard.

“Over FY2012-14E, the company is expected to record dollar and rupee revenue CAGR of 13.9 percent and 18.2 percent, respectively. The stock is currently trading at 10.2 times and 9.1 times its FY2013E and FY2014E EPS of Rs 48.0 and Rs 53.9, respectively,” is a note from Angel Broking on this regards.