Happiest Minds completes Rs 500 crore fund raise via QIP

18 Jul 2023 , 02:01 PM

Happiest Minds Technologies Limited announced that it has successfully completed the capital raise of Rs 500 crore (US $61 million) via a Qualified Institutional Placement (QIP) of equity shares.

In its meeting held on June 14, 2023, the Fund-Raising Committee of the Board of Directors accorded approval to allot 54,11,255 equity shares of face value of Rs 2 each to eligible investors. The shares were issued at a price of Rs 924 per share, including a premium of Rs 922 per share.

This was the Company’s first equity capital offering after its successful IPO in 2020. The company received a positive response from the institutional investors on fund raise.

The company said that it will utilize the issue proceeds for funding working capital requirements, inorganic growth, investment in subsidiaries, and other general corporate purposes.

In FY23, Happiest Minds logged a consolidated income of Rs 1,45,040 lakhs and a net profit of Rs 23,099 lakhs.

At around 1.58 PM, Happiest Minds was trading 5.07% lower at Rs 944.95, against the previous close of Rs 995.45 on NSE. The counter touched an intraday low of Rs 941.30.

For feedback and suggestions, write to us at [e-mail]