Persistent Systems rises on plans to invest in Altizon

Persistent Systems plans to invest US$100,000 in equity shares of Altizon in one or more tranches

Shares of Persistent Systems were up over 2% at Rs 1,369 after the company late Monday said it will acquire stake in Pune-based Altizon.

The company has entered into a Stock Purchase Agreement with Altizon Systems Private limited, a product company focused on the Internet of Things (IoT) ('Altizon'), to invest US $ 100,000 (equivalent amount of INR) of the Company by subscribing to the equity shares of Altizon in one or more tranches from time to time, the company said in a release to the stock exchange.

Following the agreement, the company has already remitted its first tranche of investment to Altizon, the release said.

The stock opened at Rs 1,350 and touched a high of Rs 1,400 as of now. Over 27,000 shares were traded on both the stock exchanges so far.