Happiest Minds shares in focus on completion of Rs 500 crore QIP

Shares of Happiest Minds Technologies Limited  will be in focus in Tuesday's trade after the company announced the successful completion of its capital raise of Rs  500 crore through a qualified institutions placement (QIP). Happiest Minds Technologies informed stock exchanges that its fund-raising committee of the board of directors on July 14 approved the allotment of 54,11,255 equity shares of face value Re 2 to eligible investors at a price of Rs 924 per share.

This was the first-ever equity capital raise by Happiest Minds Technologies after its successful IPO in 2020. The capital raise garnered a strong response from institutional investors, the company claimed. 

MD & CFO Venkatraman Narayanan 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 utilised 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 1,450.40 crore and a profit after tax of Rs 230.99 crore for FY23.

The issue was opened on July 11. The Happiest Minds board approved the allocation of 54,11,255 shares at a discount of Rs 48.16 per equity share i.e. 4.95 per cent to the floor price of Rs 972.16 per share, in accordance with the SEBI ICDR Regulations.

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stood increased from Rs 29,37,27,112 consisting of 14,68,63,556 shares to Rs 30,45,49,622 consisting of 15,22,74,811 shares. Investors included Troo Capital, Société Générale, BNP Paribas Arbitrage ODI, BofA Securities Europe SA -ODI and Morgan Stanley Asia (Singapore).

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