Happiest Minds launches Rs 500 crore QIP to fund expansion plans; stock slips ~1%

12 Jul 2023 , 11:33 AM

Happiest Minds Technologies informed the bourses and investors on July 11 that it has launched a qualified institutional placement (QIP) issue with a floor price of Rs 972.16 per share.

The company stated in its regulatory filing that its fundraising committee of directors earlier met on Tuesday to finalize their decision on the issue.

The committee passed resolutions for ‘authorizing the opening of on July 11, 2023’ and ‘approving the floor price for the issue at Rs 972.16 per equity share’, said the company.

Happiest Minds plans to raise up to Rs 500 crore through the said QIP in order to fund its expansion plans, stated sources familiar with the situation.

The company registered a net profit of Rs 58 crore in the quarter ending March 2023, clocking 11% y-o-y growth against Rs 52 crore in the previous corresponding quarter.

At around 11.32 AM, Happiest Minds was trading 1.20% lower at Rs 982.65 per piece, against the previous close of Rs 994.60 on NSE. The counter touched an intraday high and low of Rs 999.50 and Rs 978.15, respectively.

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