Happiest Minds Technologies Ltd has completed its Rs 500-crore capital raise through a Qualified Institutions Placement (QIP) of equity shares. The fund-raising committee approved the allotment of 54,11,255 equity shares at Rs 924 per share (including a premium of Rs 922 per equity share) to eligible investors.
The proceeds from the issue will be primarily used for working capital requirements, investments in subsidiaries, funding inorganic growth, and other general corporate purposes. Happiest Minds Technologies reported a consolidated income of Rs 145,040 lakh and a profit after tax of Rs 23,099 lakh for FY 2023.
This is the company’s first-ever equity capital raise after its IPO in 2020. The share price went down by 3.26 per cent to Rs 963 at 10:00 a.m. on BSE.