Mid Cap IT Software Company Raises Rs 500 Cr Via QIP, Shares Fall Over 5%

Mid cap IT Software sector stock Happiest Minds Technologies announced today that it has raised Rs 500 Crores/US $ 61 Mn through a Qualified Institutions Placement ("QIP") of equity shares, as per its BSE filing. Happiest Minds Technologies shares reacted negatively to the update and declined more than 5% intraday. Current market price of Happiest Minds Technologies stock is Rs 944.75 per share with intraday fall of 5.10%. Check details below:

Happiest Minds Technologies Completes Capital Raise of Rs 500 Crore: As per the BSE filing of the company dated July 18, 2023, "The Fund-Raising Committee of the Board of Directors of the Company, at its meeting held on July 14, 2023, approved the allotment of 54,11,255 equity shares of face value Rs 2 to eligible investors at a price Rs 924/ share (including a premium of Rs 922 per equity share)."

This was the first-ever equity capital raise by the Company after its successful IPO in 2020. The capital raise garnered a strong response from institutional investors.

Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies said, "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. 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 will predominantly be utilized for funding working capital requirements, investments in subsidiaries, funding inorganic growth and other general corporate purposes.

Happiest Minds Technologies Financial Performance: Happiest Minds Technologies has reported a consolidated income of Rs 145,040 lakhs and a profit after tax of Rs 23,099 Lakhs for FY 2023. The company for the quarter ended March 31, 2023 declared its consolidated total income at Rs 386.43 crore, up 3.14% as compared to Rs 374.68 crore total inome declared in the preceding quarter. It announced its recent quarter net profit after tax at Rs 57.66 crore.

Happiest Minds Technologies Stock Performance & Return: Last trading price of Happiest Minds Technologies share is Rs 944.75 per share after an intraday fall of 5.10%. The stock's 52-week high price is Rs 1136.45 per share and 52-week low price is Rs 763.50 per share, respectively. Happiest Minds Technologies has a market capitalisation of Rs 14,386.16 crore. In last 3-months, Happiest Minds Technologies offered return of 18%, rallied 7% in last 6-months, and gave return of 10% in last 1-year. Happiest Minds Technologies shares declined 37% in last 2-years.

About Happiest Minds Technologies: Happiest Minds' Technologies Limited, an IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. It does this by leveraging a spectrum of disruptive technologies such as artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, and virtual/augmented reality, among others.

Disclaimer: The stock raised money via QIP route. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.