i have a file1 which contain text "My name is %s" I have an second file which contain mutiple values for %s replacement i.e file2 have John, peter, jessus etc Hence i need a output file that conatins output like My name is John My name is Peter My name is jessus

Sounds like a job for printf to me:

#!/usr/bin/env perl 
use strict;
use warnings;

my $text = "My name is %s\n";
my @args = qw/John peter jessus/;
printf $text, $_ for @args;
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File input left as an exercise.