After the business announced a capital raise of 500 crores ($61 million) through a Qualified Institutions Placement (QIP) of equity shares on Tuesday, the share price of Happiest Minds Technologies fell 4%. The share price of Happiest Minds dropped as much as 3.99% to 955.00 per unit on the BSE.
Happiest Minds Technologies reported in a regulatory filing that the Fund-Raising Committee of the Board of Directors of the Company had approved the distribution of 54,11,255 equity shares with a face value of $2 to qualified investors at a cost of $924 per share at its meeting on July 14, 2023. The company raised its first equity capital through this transaction since its IPO in 2020.
The issue’s proceeds, it was said, will primarily be used for working capital needs, investments in subsidiaries, financing of inorganic growth, and other general business reasons.
Happiest Minds Technologies announced a combined income of 1,450.40 crore and a net profit of 230.99 crore for FY23. Over the course of the last year, shares of Happiest Minds Technologies have increased by over 11%. On September 17, 2020, the stock made a splash in the marketplace by listing at a premium of 111% over the issue price. Compared to its 166-cent issue price, the stock has increased by around 480%. The price of Happiest Minds Technologies’ shares on the BSE was 958.55 per share at 11:35 a.m., down 3.67%.
