Happiest Minds Technologies Successfully Completes Capital raise of ₹ 500 Crores through QIP

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a 'Born Digital. Born Agile', Mindful IT Company, today announced the successful completion of its capital raise of ₹ 500 Crores / US $ 61 Mn through a Qualified Institutions Placement ("QIP") of equity shares.

The Fund-Raising Committee of the Board of Directors of the Company, at its meeting held on July 14, 2023, approved the allotment of 54,11,255 equity shares of face value ₹2 to eligible investors at a price ₹924/ share (including a premium of ₹922 per equity share).

This was the first-ever equity capital raise by the Company after its successful IPO in 2020. The capital raise garnered a strong response from institutional investors.

Speaking on the positive response received for its capital raise, Mr. Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies said, "After a successful IPO in 2020, I am grateful for the participation by investors in our recently concluded QIP. We thank our investors for the continued trust and responsibility they place on us. This raise of 'growth capital' is a key step towards our strategy to drive business growth and success in the coming years."

The proceeds of the Issue will predominantly be utilized for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes.

Happiest Minds Technologies has reported a consolidated income of ₹ 145,040 Lakhs and a profit after tax of ₹ 23,099 Lakhs for FY 2023.

Shares of Happiest Minds Technologies Limited was last trading in BSE at Rs. 995.50 as compared to the previous close of Rs. 973.45. The total number of shares traded during the day was 52650 in over 4053 trades.

The stock hit an intraday high of Rs. 1019.40 and intraday low of 976.20. The net turnover during the day was Rs. 52760362.00.

Source : Equity Bulls

Keywords

HappiestMindsTechnologies INE419U01012 FundRaising QIP