Bengaluru, San Jose, and London : Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced the successful completion of its capital raise of Rs.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 Rs.2 to eligible investors at a price Rs.924/ share (including a premium of Rs.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 Rs.145,040 Lakhs and a profit after tax of Rs. 23,099 Lakhs for FY 2023.