Happiest Minds share price falls 4% after capital raise of ₹500 crore via QIP

Happiest Minds Technologies share price declined 4% on Tuesday after the company announced a capital raise of ₹500 crores or $61 million through a Qualified Institutions Placement (QIP) of equity shares.

Happiest Minds share price fell as much as 3.99% to ₹955.75 apiece on the BSE.

“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 ₹2 to eligible investors at a price ₹924 per share,” Happiest Minds Technologies said in a regulatory filing.

This was the first-ever equity capital raise by the company after its IPO in 2020. 

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, it added.

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In FY23, Happiest Minds Technologies reported a consolidated income of ₹1,450.40 crore and a net profit of ₹230.99 crore.

Happiest Minds Technologies shares have risen over 11% in the last one year. The stock made a bumper debut on exchanges on September 17, 2020, listing at a premium of 111% to the issue price. The stock is up around 480% from its issue price of ₹166 per share.

At 11:35 am, the shares of Happiest Minds Technologies were trading 3.67% lower at ₹958.95 apiece on the BSE.

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