Happiest Minds Technologies, an IT agency based by Ashok Soota, has introduced the profitable completion of its capital increase of ₹500 crore ($61 million) through a professional establishments placement (QIP) of fairness shares.
The fund-raising committee of the board of administrators of the corporate accredited the allotment of 54,11,255 fairness shares of a face worth of ₹2 to eligible buyers at a worth ₹924 per share (together with a premium of ₹922 per fairness share), the corporate stated in an announcement.
This was the first-ever fairness capital raised by Happiest Minds after its IPO in 2020. The capital increase garnered a powerful response from institutional buyers.
Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies stated, “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 would predominantly be utilised for funding working capital necessities, investments in subsidiaries, funding inorganic development and different normal company functions, the corporate stated.
