Happiest Minds Technologies raises Rs 500 cr via QIP route

New Delhi: IT company Happiest Minds Technologies on Tuesday said it has raised capital to the tune of Rs 500 crore through Qualified Institutional Placement (QIP) of equity shares.

The fund-raising committee of the Board of Directors approved the allotment of 54.11 lakh equity shares of face value Rs 2 to eligible investors at a price Rs 924 per share (including premium of Rs 922 per equity share), the company said in a release.

This was the first-ever equity capital raise by the company after its successful IPO in 2020, it said, adding that the capital raise garnered a strong response from institutional investors.

"Happiest Minds Technologies successfully completes a capital raise of Rs 500 crores/USD 61 million through a Qualified Institutions Placement (QIP)," the company said.

The proceeds will be used for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes.

Venkatraman Narayanan, MD and CFO of Happiest Minds Technologies described the capital raise as a key step towards the company's strategy to drive business growth and success in the coming years.

"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," Narayanan said.