IT company Happiest Minds Technologies on Tuesday announced the successful completion of its capital raise of Rs 500 crore 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 per share (including a premium of Rs 922 per equity share),” it said in a regulatory filing.
The IT firm raised the capital for the first time after its successful IPO in 2020 and the capital raise garnered a strong response from institutional investors. “After a successful IPO in 2020, I am grateful for the participation by investors in our recently concluded QIP. This raise of ‘growth capital’ is a key step towards our strategy to drive business growth and success in the coming years,” said Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies.
The company will utilise the proceeds of the issue 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 1,45,040 lakh and a profit after tax of Rs 23,099 lakh for FY 2023.
Happiest Minds Technologies enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights.