Happiest Minds Technologies raises Rs 500 Cr through QIP placement

Mumbai, July 18:Happiest Minds Technologies Limited on Tuesday 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 Rs 2 to eligible investors at a price Rs 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.