Happiest Minds Technologies raises ₹500 crores via QIP

Tanushree Jaiswal 19th July 2023 - 07:17 pm

Happiest Minds Technologies, an IT company, announced on Tuesday that it has successfully raised ₹500 crore through a Qualified Institutional Placement (QIP) of equity shares.

The company's fund-raising committee, which consists of the Board of Directors, approved the allotment of 54.11 lakh equity shares with a face value of ₹2 each to eligible investors. Happiest Minds Technologies shares have been allotted to the investors at ₹924 a price.

This capital raise marks the first-ever equity capital raise by Happiest Minds Technologies following its successful initial public offering (IPO) in 2020. The company expressed satisfaction with the strong response it received from institutional investors during the fundraising process.

In the financial year 2022-2023 (FY23), Happiest Minds reported a consolidated income of ₹1,45,040 lakhs and a net profit of ₹23,099 lakhs.

As of around 2.11 PM, during trading on the National Stock Exchange (NSE), Happiest Minds' stock price was trading 5.07% lower at ₹944.95 compared to the previous closing price of ₹995.45. The stock's intraday low reached ₹944.95.

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Tanushree Jaiswal

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