Happiest Minds uses QIP to raise Rs 500 cr
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.
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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.