In plain words
From That arose the syllable that never perishes, and people say the seven scripts are its letters. The meaning of Your supreme syllable is beyond knowing; grant that I may know it. Salutation to Nārāyaṇa.
Word for word
When the imperishable syllable arose from That, people declared 'the seven scripts are the letters'; the meaning of Your supreme syllable cannot be known: may it come that I know it. Salutation to Nārāyaṇa.