Happiest Minds Technologies completes ₹500cr capital raise through QIP

Happiest Minds Technologies Limited, an Indian digital transformation IT consulting and services company, has announced the successful completion of its capital raise of ₹ 500 crores ($61 million) through a Qualified Institutions Placement (QIP) of equity shares.

The company’s Board of Directors’ Fund-Raising Committee approved the allotment of 54,11,255 equity shares of face value ₹2 to eligible investors at a price of ₹924 per share during a meeting held on July 14, 2023.

This marks the first equity capital raise by the company following its successful IPO in 2020. The capital raise garnered a significant response from institutional investors, a testament to the company’s reputable status in the IT sector.

MD & CFO of Happiest Minds Technologies, Venkatraman Narayanan, commented on the positive response the capital raise received: “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 from the capital raise will be primarily used to fund working capital requirements, investments in subsidiaries, funding inorganic growth, and other general corporate purposes. Happiest Minds Technologies reported a consolidated income of ₹ 145,040 Lakhs and a profit after tax of ₹ 23,099 Lakhs for the financial year 2023. This financial update showcases the company’s ability to continue its growth and provide reliable digital solutions in the market.