Intel Capital takes an exit from Persistent Systems
By siliconindia   |   Friday, 15 April 2011, 23:09 IST
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Intel Capital takes an exit from Persistent Systems
Pune: Intel capital is finally all set to bring an end to its decade old investment in software developing firm Persistent systems. However Intel did not give any reason for its exit. Intel sold its second and last balance 9, 16,746 shares representing 2.29 percent stake for Rs 36 crore ($8.1 million).Most of its shares were acquired by Reliance Capital. Earlier Intel sold part of its share as soon as this pune based company Persistent systems got listed in the bourses. In the year 2000 Intel invested $1 million in Persistent Systems through Intel 64 Fund. A $250 million venture fund created in 1999 by Intel along with Hewlett Packard and few others. A part of the investment was under a lock - in period. However this venture fund was finally liquidated and the shares were divided among its investors. Intel capital through a Mauritius arm, again bought shares in Persistent Systems in November 2005. However Hewlett Packard did not invest further in the Indian firm. Intel Capital Mauritius had last year sold its holdings of around half a million shares representing 1.37% stake between April-June quarters. The shares were trading around Rs 400 a piece. The stock had made a successful debut in the bourses listing at a 29 percent premium at BSE over its issue price of Rs 310/share early last year.

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