Latest News | Happiest Minds Technologies Raises Rs 500 Cr Via QIP Route

New Delhi, Jul 18 (PTI) 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.

Also Read | US Masters T10: New York Warriors Acquired by Indian Origin Entrepreneurs Preet Kamal and Gurmeet Singh.

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.

Also Read | Saira Banu Shares Captivating Glimpse of Dilip Kumar’s Most Enthralling Performance (View Pics).

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)